The declining importance of cash, even its disappearance, is starting to look increasingly clear, at least in China, says Helsingin Sanomat in the story last week.
They have affixed to their chest a QR code that is commonly used for payment. The giver of the alm reads the code on his phone and transfers the amount.
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Many Chinese no longer carry payment and credit cards with them. The phone is enough.
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There are many benefits to digital payment. Bits are cheaper than coins and banknotes. Digitalisation streamlines services.
The most familiar example is e-commerce. Automation of services reduces cash payments.
About a year ago, the Chinese restaurant chain Haidilao opened a new robot restaurant in Beijing. The customer orders a meal on the mobile phone, which the robot transports to the table. And of course the customer pays on the cell phone.
The hassle of handling money is gone. During the corona period, technology increases safety by reducing contact between customers and staff.
One of the good things about the cash is that it maintains the anonymity of its user. Its use does not come to the knowledge of outsiders just like digital money.
A third type of money, digital or electronic cash, has been proposed.
It would combine the good features of traditional cash and digital money. Every purchase of a video game or diaper would not have to be recorded on external systems.
The restrictions would be the same as for banknotes. Depositing large amounts of digital cash as regular digital money would require proof of origin.
Source: Tiede by www.tiede.fi.
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