What does a cashless future mean? | The Economist

What does a cashless future mean? | The Economist

SUBTITLE'S INFO:

Language: English

Type: Robot

Number of phrases: 131

Number of words: 868

Number of symbols: 4113

DOWNLOAD SUBTITLES:

DOWNLOAD AUDIO AND VIDEO:

SUBTITLES:

Subtitles generated by robot
00:00
somewhere in the near future physical money will become like these relics of a different age and will only be found in places like this in other words hard cash will disappear it will become electronically transferred by things like these so what's the rush to get rid of cash and what's the cost let's face it money is cumbersome for consumers and
00:31
banks need to mean the cash in Turpin bills to transport them in armored trucks Authority and secure votes you need to sort it at the tail as well operating in cash costs countries about 0.5 percent of their GDP every year but cost isn't the only incentive to move towards a cashless future demand is rising primarily demand from young generations we are looking for fast easy to use means of payments digital payments aren't just easy they're neat
01:01
it becomes easier for governments to monitor tax evasion and fraud so we will have less probity having every single payment automatically recorded is efficient but there's a downside let's assume for example that a country that used to be democratic where people were not paying too much attention but safeguarding their privacy becomes undemocratic and someone must to control cities and more closely they will try to infer from what you buy your critical leanings
01:31
potentially and rarest became just money to what you're doing in ways that they shouldn't be doing the ballot boxes are kept locked and sealed living in a democratic country doesn't mean you shouldn't be concerned there are so worried that private companies perhaps might use this data in ways that are not safe or that you might not like and for a number of sectors knowing what to do with your money is very important electronic money trails can allow governments and private companies to access in harvest personal data but there's another threat that's worrying
02:01
banks cyberattacks it was a high tech bank robbery the long suffering a massive hack attack involving 100 million capital and customers accounts as their personal information stolen in March 2019 Capital One Bank was hacked solar hacker managed to steal away 106 million people's personal details in a matter of days and that attack was noticed just a few months after you can see that a lot of companies are not very well protected yet so against such that
02:32
pretty much every day we hear of data breaches cyberattacks that are successful it's much harder to prevent an attack than to be on the hacker side because you only need to succeed once as a hacker once upon a time you have two guys coming in Italy tell everyone to be on the floor then we put the money in the bag and then run away with the money and you would get insurance against that we knew what the which was nowadays with cyberattacks they can happen anytime they can take any form so it's very hard to insure against still many countries
03:04
are fast moving towards a cashless society in Sweden the number of retail cash transactions per person has fallen by 80% in the past ten years the trend is even evident in far more cash loyal societies China's digital payments rose from 4% of all payments in 2012 to 34% in 2017 the trend is inevitable but a gradual transition is key it's important that we have a sort of controller hub as to how fast this happens because if that's not the case
03:35
some people might be left behind some people may find it harder to grasp how much money they have without the physical representation of it not everyone knows how to use internet banking technology and people living in remote areas where internet cover is patchy may find they have to drive for miles for their basic needs and there's another sector of society that relies heavily on cash people living in the street don't carry chemicals with him so it would be very hard for them well first of all to collect money and to pay for things they will be among the people
04:07
who suffer the most from it going cashless is just the latest evolution of money in the modern economy but it raises a fundamental question what is the value of money if it doesn't physically exist central bank's enact monetary policy by exerting control over the amount of money that is created and that is in circulation and they can do it because they are the only entities that print and create money the purpose of it is to control the amount of money
04:37
that is used by the entire economy in a cashless society obviously this becomes much harder because money presumably can be created by other entities and so central banks are actually starting to realize this especially after Facebook meant that the announcements that they were going to launch a digital currency it shows you the extent to which central banks are already thinking about the future of money the move towards cashless societies is well underway what governments need to ensure that as cash is phased out the vulnerable in society
05:08
aren't left behind [Music]

DOWNLOAD SUBTITLES: