Preparing For The Cashless Transition
Most western nations will soon adopt digital currency. Already, more than 80% of day-to-day transactions in the First World are settled with debit cards, credit cards, PayPal, or checks. In Europe, the use of the EC card—a sort of interbank debit card—has become ubiquitous. Going “cashless” is the Big Trend. With the now widespread use of smart phones, payment for many small transactions is as simple as just waving a phone at the checkout counter. (This is a so-called “contactless” or “mobile wallet” purchase.) Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are catching on rapidly. So …