Cashless Society and its wonders

[_NOBODY_]

To become a cashless society, the economy needs to be documented and digitised. This takes time ,and there is already lot of people that don't want that. Mainly cause they don't want to pay taxes, or they are told banking channels are haram.

However this trend is slowly changing. More and more people are opening bank account. With online shopping becoming more popular, people are opening bank accounts. As more people open account, the quicker we can move to a cashless society. I think it's said, if 70 to 80% of society is using digital banking, then it's consider a cashless society. Currently we have 20 to 23% of the population with a bank account. Still a long way to go

This issue can be solved by introducing policies that would grant many benefits to user of these technology.

 

[Tair-Lahoti]

Syrians in the UAE have been left stranded after Visa and MasterCard blocked all credit cards issued by Syrian banks.

The ban, which was put in place last week, is the result of severe US sanctions imposed on Syria in the face of violence against protesters in cities across the country.

Syrian-issued Visa and MasterCard credit cards blocked

Syrian visitors to UAE shocked to find MasterCard and Visa credit cards not working

gulfnews.com

 

[Feng Leng]

Do you guys special deals on Alipay and WeChat Pay?

Those two payment service providers offer "deals" just like an advertising service. It's possible to buy a lot of things without leaving the ecosystem of these two companies.

 

[_NOBODY_]

Those two payment service providers offer "deals" just like an advertising service. It's possible to buy a lot of things without leaving the ecosystem of these two companies.

How common are credit cards in China?

 

[Feng Leng]

How common are credit cards in China?

China basically skipped the "golden age" of credit cards and went straight to electronic payment. Middle class and above families may have one or two credit cards and use them occasionally. Credit cards in China are not "must have" financial products like they are in some developed countries.

 

[jamahir]

@_NOBODY_, It is not just enough to be cashless it is time to abolish the traditional money system in favor of a new economic system whose aim should be to remove unnecessary, artificial socio-economic troubles and burdens from people. In this thread I have proposed such a system.

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Syrians in the UAE have been left stranded after Visa and MasterCard blocked all credit cards issued by Syrian banks.

The ban, which was put in place last week, is the result of severe US sanctions imposed on Syria in the face of violence against protesters in cities across the country.

Syrian-issued Visa and MasterCard credit cards blocked

Syrian visitors to UAE shocked to find MasterCard and Visa credit cards not working

gulfnews.com

Just the US government showing its kindly, democratic side.

 

[denel]

which country are you talking about sir ??????????

in 2012 pakistan have currency notes 1.2 trillion PKR
in 2020 pakistan have currency notes 6.14 trillions PKR


my country is far behind

You should come to Kenya and other countries; M-pesa (mobile pesa ) has revolutionised cashless for over 12 yrs. via cellphone.

 

[Tair-Lahoti]

@_NOBODY_, It is not just enough to be cashless it is time to abolish the traditional money system in favor of a new economic system whose aim should be to remove unnecessary, artificial socio-economic troubles and burdens from people. In this thread I have proposed such a system.

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Just the US government showing its kindly, democratic side.

is there any guarantee that it won't happen against us?

 

[jamahir]

is there any guarantee that it won't happen against us?

Can you give an example ?

 

[Tair-Lahoti]

Can you give an example ?

Iranians also facing this problem. Their cards also blocked. If these technologies are controlled by US firms then we must not trust these card based currency unless and untill we have some indigenous solution.

 

[jamahir]

Iranians also facing this problem. Their cards also blocked. If these technologies are controlled by US firms then we must not trust these card based currency unless and untill we have some indigenous solution.

You are right, and therefore my proposal does not use cards for money transfer but uses whatever wearable computer ( like a cell phone of now ) is existent by the time the system is implemented. Just as simple as a cash transaction it will be just a wearable-of-buyer-to-wearable-of-seller transfer. It is also as anonymous as cash so no governmental poking of nose into people's affairs.

 

[_NOBODY_]

You should come to Kenya and other countries; M-pesa (mobile pesa ) has revolutionised cashless for over 12 yrs. via cellphone.

How is the cashless scene in South Africa?

 

[denel]

How is the cashless scene in South Africa?

it is widespread; card use has been there for decades. but cash is still preferred. East african countries are far ahead.

 

[_NOBODY_]

Cashless societies are a very worrying phenomenon. They allow the state to have unlimited control over it's citizens.

The only people who should be worried about this is are the criminals. If any country tries misuse this technology then it will have dire consequences on the economy of that country as foreign investment will stop and destroy the financial security status of that particular country so no country is stupid enough to do that.

 

[Morpheus]

A positive trend that is heading towards a cashless society

Digital banking grows 12pc, paper-based transactions down 10pc in FY20

LAHORE: A total of 905.9 million e-Banking transactions worth Rs65.9 trillion via automated teller machines (ATMs), internet and mobile banking, point of sale (POS) systems and other digital banking c

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