The war on cash continues. According to this NY Times report, cash is quickly becoming obsolete in China.
There is an audacious economic phenomenon happening in China.
It has nothing to do with debt, infrastructure spending or the other major economic topics du jour. It has to do with cash — specifically, how China is systematically and rapidly doing away with paper money and coins.
Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.
Just as startling is how quickly the transition has happened. Only three years ago there would be no question at all, because everyone was still using cash.
“From a tech standpoint, this is probably one of the single most important innovations that has happened first in China, and at the moment it’s only in China,” said Richard Lim, managing director of venture capital firm GSR Ventures.
If you found this article useful, please consider donating to fund my work.
Thomas Dishaw is an activist and the editor of govtslaves.info. He has written for naturalnews.com and has been the subject of numerous hit pieces published by The Daily Mail, New York Daily News, Forbes and Gawker. Thomas currently resides outside of Philadelphia, PA with his wife and dog. You can support Thomas' work by making a donation below or purchasing some gear from the Gov't Slaves Store. You can reach Thomas via email at firstname.lastname@example.org or follow him on Instagram.