The Intelligence from The Economist

Cash out: the digital-payments revolution

5 snips
May 30, 2023
Explore the dynamic shift from cash to digital payments fueled by technology and innovation, comparing advanced and emerging markets like India and China. Delve into the architectural and emotional significance of Singapore’s crumbling Golden Mile, while community efforts spark a preservation debate. Uncover the intrigue surrounding historical hoaxes, from Edgar Allan Poe to the Cottingley Fairies, and examine the mesmerizing downfall of Anna Sorokin, who deceived New York's elite in a web of lies. A fascinating blend of finance, architecture, and history awaits!
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INSIGHT

Digital Payments Rise

  • Digital payments are rapidly replacing cash worldwide, changing how we buy things.
  • Smartphones and internet access are key drivers of this shift, enabling various digital payment methods.
INSIGHT

Global Payment Systems

  • Digital payment systems vary globally; the West relies on credit/debit cards, while emerging economies use mobile money.
  • Kenya's M-Pesa and China's QR code systems demonstrate mobile payment innovation in emerging markets.
INSIGHT

India's UPI System

  • India's Unified Payments Interface (UPI) has seen massive growth, processing over a trillion dollars in transactions.
  • Its open system allows interoperability between different fintech wallets, unlike China's Alipay or Kenya's M-Pesa.
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