It's quick, convenient and thoroughly modern—but what are the implications of living in a society without cash?
Fumbling in your wallet for the right change could soon seem as antiquated as smoking on a plane, using a fax machine or renting a VHS video. With over half the world on smartphones, it’s no wonder consumers are abandoning banknotes for mobile wallets.
Nowhere is this more evident than in Asia, home to eight of the ten fastest-growing global markets in mobile payments. While China is leading the way in cashless payments, e-wallets are a global phenomenon that's set to change the way we live and work. We’re trusting our phones with our money, using selfies to log into our bank accounts, and last year in Sweden, an estimated 4,000 people even went as far as to insert microchips under their skin to have a singular way of accessing their homes, offices, gyms, and even train ticket payment.
But the more we leave our wallets at home, it’s increasingly important to consider the cost of living in a cashless society.