German Chamber Innovation Series #3: Payment Evolution: Is money becoming digital?

China is the most talked-about country in the battle between cash and electronic payments. Internet giants like Alibaba and Tencent have created their own payment gateways online, Alipay and Tenpay being one of the most popular ways to pay in China. In the rest of the world, Apply Pay, Google Wallet etc are growing exponentially. Digital currency brings in many advantages, from the obvious convenience in our daily lives to macro societal changes such as the avoidance of tax evasion. Most of us never need to visit a bank again. Will Bitcoin take over? There will be no more currency exchange and conversions. However, the downside of a digital banking system is the security that physical currency can give, as digital currency is confusing and sometimes unsafe. In this seminar, we will analyse the pros and cons of a cashless society and how it may affect/help your business.