so I run a research company and I spend my days thinking about how to make our
my days thinking about how to make our
my days thinking about how to make our financial lives better not just mine or
financial lives better not just mine or
financial lives better not just mine or my families or my clients but the
my families or my clients but the
my families or my clients but the financial lives of those people the
financial lives of those people the
financial lives of those people the billions of people who don’t have access
billions of people who don’t have access
billions of people who don’t have access to a bank account or any kind of savings
to a bank account or any kind of savings
to a bank account or any kind of savings or any money management really and I’m
or any money management really and I’m
or any money management really and I’m constantly frustrated that we don’t
constantly frustrated that we don’t
constantly frustrated that we don’t understand the true value of doing
understand the true value of doing
understand the true value of doing something as simple as going cashless we
something as simple as going cashless we
something as simple as going cashless we don’t really appreciate the
don’t really appreciate the
don’t really appreciate the possibilities that open up to us if we
possibilities that open up to us if we
possibilities that open up to us if we got rid of our bank notes our coins of
got rid of our bank notes our coins of
got rid of our bank notes our coins of physical wallets and purses and instead
physical wallets and purses and instead
physical wallets and purses and instead use something really available to us on
use something really available to us on
use something really available to us on a regular basis our mobile phones and
a regular basis our mobile phones and
a regular basis our mobile phones and they talk about this to my friends
they talk about this to my friends
they talk about this to my friends family clients who are bankers and
family clients who are bankers and
family clients who are bankers and investors and governments I think don’t
investors and governments I think don’t
investors and governments I think don’t get it they just don’t understand how an
get it they just don’t understand how an
get it they just don’t understand how an individual person going cashless has the
individual person going cashless has the
individual person going cashless has the power to change the world which is what
power to change the world which is what
power to change the world which is what all of us want to do so I can explain
all of us want to do so I can explain
all of us want to do so I can explain this in two ways I can explain this as
this in two ways I can explain this as
this in two ways I can explain this as me a geeky researcher with insights
me a geeky researcher with insights
me a geeky researcher with insights logic and data about the huge economic
logic and data about the huge economic
logic and data about the huge economic benefits and the efficiency and the cost
benefits and the efficiency and the cost
benefits and the efficiency and the cost savings we can get especially with banks
savings we can get especially with banks
savings we can get especially with banks and governments but to me there’s a more
and governments but to me there’s a more
and governments but to me there’s a more compelling way to explain this to them
compelling way to explain this to them
compelling way to explain this to them it is the stories of comfort
it is the stories of comfort
it is the stories of comfort inconvenience that can really help us
inconvenience that can really help us
inconvenience that can really help us make sense of
make sense of
make sense of huge phenomenon so the first story I’m
huge phenomenon so the first story I’m
huge phenomenon so the first story I’m going to tell you is from a home country
going to tell you is from a home country
going to tell you is from a home country India where my family lives that was
India where my family lives that was
India where my family lives that was there a few weeks ago and I was with my
there a few weeks ago and I was with my
there a few weeks ago and I was with my family and my sister was ordering food
family and my sister was ordering food
family and my sister was ordering food for all of us so she was sitting there
for all of us so she was sitting there
for all of us so she was sitting there on the bed with her baby in one hand and
on the bed with her baby in one hand and
on the bed with her baby in one hand and she has her mobile phone on the other
she has her mobile phone on the other
she has her mobile phone on the other hand which she always has with her it’s
hand which she always has with her it’s
hand which she always has with her it’s like an extension of her and she’s
like an extension of her and she’s
like an extension of her and she’s typing away while we are chatting about
typing away while we are chatting about
typing away while we are chatting about what we would like to eat that day and
what we would like to eat that day and
what we would like to eat that day and she’s done ordering our food and about a
she’s done ordering our food and about a
she’s done ordering our food and about a couple of minutes so I was curious
couple of minutes so I was curious
couple of minutes so I was curious I asked her what app did he use I didn’t
I asked her what app did he use I didn’t
I asked her what app did he use I didn’t know we had apps in this tiny town in
know we had apps in this tiny town in
know we had apps in this tiny town in the middle of nowhere and she said oh we
the middle of nowhere and she said oh we
the middle of nowhere and she said oh we don’t have an app I just used what’s up
don’t have an app I just used what’s up
don’t have an app I just used what’s up I don’t know if anyone in this room has
I don’t know if anyone in this room has
I don’t know if anyone in this room has ever used whatsapp to order food but
ever used whatsapp to order food but
ever used whatsapp to order food but it’s a completely new concept to me I
it’s a completely new concept to me I
it’s a completely new concept to me I didn’t get it I asked her what did you
didn’t get it I asked her what did you
didn’t get it I asked her what did you do on what sir to offer your food and
do on what sir to offer your food and
do on what sir to offer your food and she showed me this so here she is
she showed me this so here she is
she showed me this so here she is chatting with the restaurant talking
chatting with the restaurant talking
chatting with the restaurant talking about the food she would like to have
about the food she would like to have
about the food she would like to have where she would like to have it ordered
where she would like to have it ordered
where she would like to have it ordered the whole thing is done in about three
the whole thing is done in about three
the whole thing is done in about three minutes by the way very quick but the
minutes by the way very quick but the
minutes by the way very quick but the most fascinating thing to me here is
most fascinating thing to me here is
most fascinating thing to me here is that she has moved money from her mobile
that she has moved money from her mobile
that she has moved money from her mobile virtual wallet into the virtual wallet
virtual wallet into the virtual wallet
virtual wallet into the virtual wallet of the restaurant now we need to think
of the restaurant now we need to think
of the restaurant now we need to think about it again there’s no cash involved
about it again there’s no cash involved
about it again there’s no cash involved and not just that there’s no physical
and not just that there’s no physical
and not just that there’s no physical transaction at all there’s no credit
transaction at all there’s no credit
transaction at all there’s no credit card no debit card there’s no money
card no debit card there’s no money
card no debit card there’s no money going through the wires it’s a pure
going through the wires it’s a pure
going through the wires it’s a pure subtraction and addition it’s pure
subtraction and addition it’s pure
subtraction and addition it’s pure mathematics it’s completely virtual and
mathematics it’s completely virtual and
mathematics it’s completely virtual and this is a powerful concept if you think
this is a powerful concept if you think
this is a powerful concept if you think about it and India is a really
about it and India is a really
about it and India is a really fascinating example of what happens when
fascinating example of what happens when
fascinating example of what happens when a country goes cassius it has about 1.2
a country goes cassius it has about 1.2
a country goes cassius it has about 1.2 billion mobile phones in the country
billion mobile phones in the country
billion mobile phones in the country about 220 million smart
about 220 million smart
about 220 million smart phones and technology is readily
phones and technology is readily
phones and technology is readily available to do these kind of stuff and
available to do these kind of stuff and
available to do these kind of stuff and one fine evening in November the
one fine evening in November the
one fine evening in November the government decided that they would
government decided that they would
government decided that they would devalue two of the largest currency
devalue two of the largest currency
devalue two of the largest currency denominations in the country so people
denominations in the country so people
denominations in the country so people had a choice they could either get the
had a choice they could either get the
had a choice they could either get the new currency by standing in lines for
new currency by standing in lines for
new currency by standing in lines for hours or days in front of banks branches
hours or days in front of banks branches
hours or days in front of banks branches and cash machines or instead they could
and cash machines or instead they could
and cash machines or instead they could download this mobile wallet and make
download this mobile wallet and make
download this mobile wallet and make transactions right away so the largest
transactions right away so the largest
transactions right away so the largest brand of mobile wallet in the country
brand of mobile wallet in the country
brand of mobile wallet in the country had 20 million customers before this
had 20 million customers before this
had 20 million customers before this happened and in one day they had the
happened and in one day they had the
happened and in one day they had the next day they had 56 million customers
next day they had 56 million customers
next day they had 56 million customers so that’s what we are talking about true
so that’s what we are talking about true
so that’s what we are talking about true transformation and all the people who
transformation and all the people who
transformation and all the people who took mobile wallets today they don’t use
took mobile wallets today they don’t use
took mobile wallets today they don’t use cash anymore okay there’s no need to and
cash anymore okay there’s no need to and
cash anymore okay there’s no need to and I come from a beach town and I hear now
I come from a beach town and I hear now
I come from a beach town and I hear now that the fishermen who go out fishing in
that the fishermen who go out fishing in
that the fishermen who go out fishing in the early hours of the morning start
the early hours of the morning start
the early hours of the morning start selling their fish them even before they
selling their fish them even before they
selling their fish them even before they reach the shore they start using mobile
reach the shore they start using mobile
reach the shore they start using mobile phones whose coverage extends all the
phones whose coverage extends all the
phones whose coverage extends all the way into the sea to sell the fish get
way into the sea to sell the fish get
way into the sea to sell the fish get the payments and the fish is given away
the payments and the fish is given away
the payments and the fish is given away the moment you arrive on the beach so
the moment you arrive on the beach so
the moment you arrive on the beach so that’s fresh fish for you right there
that’s fresh fish for you right there
that’s fresh fish for you right there India is a great example of how
India is a great example of how
India is a great example of how technology and the consumers and the
technology and the consumers and the
technology and the consumers and the government have been together willing to
government have been together willing to
government have been together willing to accept going cashless as a strategy and
accept going cashless as a strategy and
accept going cashless as a strategy and it’s worked really well for them and the
it’s worked really well for them and the
it’s worked really well for them and the convenience store is just one side of it
convenience store is just one side of it
convenience store is just one side of it there are millions of people have
there are millions of people have
there are millions of people have benefited who have never had bank
benefited who have never had bank
benefited who have never had bank accounts who can make transactions today
accounts who can make transactions today
accounts who can make transactions today now the next story I’m going to tell you
now the next story I’m going to tell you
now the next story I’m going to tell you is about a small agricultural town in
is about a small agricultural town in
is about a small agricultural town in Colombia called
Colombia called
Colombia called concepción a small town about 4,500
concepción a small town about 4,500
concepción a small town about 4,500 people and one of the biggest problems
people and one of the biggest problems
people and one of the biggest problems in conception
in conception
in conception crying people had to travel by bus from
crying people had to travel by bus from
crying people had to travel by bus from concepción to Medellin the next largest
concepción to Medellin the next largest
concepción to Medellin the next largest city in Colombia to buy the supplies for
city in Colombia to buy the supplies for
city in Colombia to buy the supplies for education for different needs but they
education for different needs but they
education for different needs but they would be armed robberies on the way if
would be armed robberies on the way if
would be armed robberies on the way if you’re carrying cash it’s most likely to
you’re carrying cash it’s most likely to
you’re carrying cash it’s most likely to be taken away so they had a real problem
be taken away so they had a real problem
be taken away so they had a real problem they couldn’t walk into a cash machine
they couldn’t walk into a cash machine
they couldn’t walk into a cash machine and withdraw cash safely that so the
and withdraw cash safely that so the
and withdraw cash safely that so the government decided that we’re going to
government decided that we’re going to
government decided that we’re going to try a pilot program of going cashless so
try a pilot program of going cashless so
try a pilot program of going cashless so what they did was they took a bottom-up
what they did was they took a bottom-up
what they did was they took a bottom-up approach they did not get rid of cash
approach they did not get rid of cash
approach they did not get rid of cash machines and credit cards and debit
machines and credit cards and debit
machines and credit cards and debit cards in one day but instead they
cards in one day but instead they
cards in one day but instead they converted the cash machines into points
converted the cash machines into points
converted the cash machines into points where you could load your mobile wallets
where you could load your mobile wallets
where you could load your mobile wallets where you could learn how to make mobile
where you could learn how to make mobile
where you could learn how to make mobile transactions and you could actually
transactions and you could actually
transactions and you could actually transfer money virtually to your friends
transfer money virtually to your friends
transfer money virtually to your friends family and businesses and they ran
family and businesses and they ran
family and businesses and they ran training programs in schools so it was a
training programs in schools so it was a
training programs in schools so it was a very gradual approach with the help of
very gradual approach with the help of
very gradual approach with the help of the leading banks in that town and a
the leading banks in that town and a
the leading banks in that town and a mobile operator of course Davi Plata who
mobile operator of course Davi Plata who
mobile operator of course Davi Plata who all came together to make this happen
all came together to make this happen
all came together to make this happen this happened three years ago and today
this happened three years ago and today
this happened three years ago and today 90% of businesses in concepción handle
90% of businesses in concepción handle
90% of businesses in concepción handle only digital transactions crime has come
only digital transactions crime has come
only digital transactions crime has come down to the point which has never been
down to the point which has never been
down to the point which has never been seen before in the history of conception
seen before in the history of conception
seen before in the history of conception and this program is now being piloted
and this program is now being piloted
and this program is now being piloted across Colombia then now people are not
across Colombia then now people are not
across Colombia then now people are not worried about taking that bus right to
worried about taking that bus right to
worried about taking that bus right to Medellin for their regular needs all
Medellin for their regular needs all
Medellin for their regular needs all they need to do is load money into the
they need to do is load money into the
they need to do is load money into the virtual wallet get on the bus once they
virtual wallet get on the bus once they
virtual wallet get on the bus once they get too many they can use the money from
get too many they can use the money from
get too many they can use the money from the wallet download it as cash if they
the wallet download it as cash if they
the wallet download it as cash if they wanted to but they don’t need to it’s a
wanted to but they don’t need to it’s a
wanted to but they don’t need to it’s a fascinating story if you look at it and
fascinating story if you look at it and
fascinating story if you look at it and the third story I’m gonna tell you is
the third story I’m gonna tell you is
the third story I’m gonna tell you is about a lastly cash free country today’s
about a lastly cash free country today’s
about a lastly cash free country today’s Sweden I used to live in Sweden
Sweden I used to live in Sweden
Sweden I used to live in Sweden a long time ago and I had this huge
a long time ago and I had this huge
a long time ago and I had this huge stash of currency coins and no notes
stash of currency coins and no notes
stash of currency coins and no notes from that time which I never used and
from that time which I never used and
from that time which I never used and when I went back a couple of years ago
when I went back a couple of years ago
when I went back a couple of years ago to meet my friends and colleagues
to meet my friends and colleagues
to meet my friends and colleagues I took the stash with me because I
I took the stash with me because I
I took the stash with me because I really wanted to get rid of them but you
really wanted to get rid of them but you
really wanted to get rid of them but you know what I still have that stashed with
know what I still have that stashed with
know what I still have that stashed with me because they refuse to accept cash so
me because they refuse to accept cash so
me because they refuse to accept cash so the cafe is like this they have signs
the cafe is like this they have signs
the cafe is like this they have signs saying we are completely cash free we
saying we are completely cash free we
saying we are completely cash free we don’t take cash anymore and the coins I
don’t take cash anymore and the coins I
don’t take cash anymore and the coins I had with me they completely devalued
had with me they completely devalued
had with me they completely devalued they don’t exist anymore there are no
they don’t exist anymore there are no
they don’t exist anymore there are no more coins in Sweden so Sweden today has
more coins in Sweden so Sweden today has
more coins in Sweden so Sweden today has about two percent of the economic value
about two percent of the economic value
about two percent of the economic value in cash based transactions in fact I was
in cash based transactions in fact I was
in cash based transactions in fact I was told that if you walk in a cash machine
told that if you walk in a cash machine
told that if you walk in a cash machine and withdraw a large sum of money the
and withdraw a large sum of money the
and withdraw a large sum of money the police are called on you because why
police are called on you because why
police are called on you because why would you want cash unless you’re a
would you want cash unless you’re a
would you want cash unless you’re a criminal so with just 2 percent of the
criminal so with just 2 percent of the
criminal so with just 2 percent of the transactions in cash today they’re going
transactions in cash today they’re going
transactions in cash today they’re going to be completely cash free in about five
to be completely cash free in about five
to be completely cash free in about five years
years
years so it became a fascinating example of
so it became a fascinating example of
so it became a fascinating example of what’s happening in different parts of
what’s happening in different parts of
what’s happening in different parts of the world and the UK is a strange
the world and the UK is a strange
the world and the UK is a strange situation that way in that we all have
situation that way in that we all have
situation that way in that we all have smartphones we love technology Londoners
smartphones we love technology Londoners
smartphones we love technology Londoners and other cities in the UK are really
and other cities in the UK are really
and other cities in the UK are really great technological hubs for developing
great technological hubs for developing
great technological hubs for developing new technology for taking it to market
new technology for taking it to market
new technology for taking it to market for consumers willing to test it but for
for consumers willing to test it but for
for consumers willing to test it but for some reason we are still cash based in
some reason we are still cash based in
some reason we are still cash based in that 50% of the transactions happening
that 50% of the transactions happening
that 50% of the transactions happening in the UK are made with cash if you’re
in the UK are made with cash if you’re
in the UK are made with cash if you’re not using cash we are using credit cards
not using cash we are using credit cards
not using cash we are using credit cards and debit cards and the new innovative
and debit cards and the new innovative
and debit cards and the new innovative technology like contactless cards and
technology like contactless cards and
technology like contactless cards and Oyster cult’s but we are so far away
Oyster cult’s but we are so far away
Oyster cult’s but we are so far away from the virtual wallet concept today
from the virtual wallet concept today
from the virtual wallet concept today and the Bank of England interestingly is
and the Bank of England interestingly is
and the Bank of England interestingly is having a debate about how to manufacture
having a debate about how to manufacture
having a debate about how to manufacture the new 20-pound notes they’re
the new 20-pound notes they’re
the new 20-pound notes they’re considering various options and there’s
considering various options and there’s
considering various options and there’s a whole lot of debate going on about the
a whole lot of debate going on about the
a whole lot of debate going on about the manufacturing process so we need to
manufacturing process so we need to
manufacturing process so we need to remember the cost of cash right so if
remember the cost of cash right so if
remember the cost of cash right so if the cost of cash includes the cost of
the cost of cash includes the cost of
the cost of cash includes the cost of printing notes manufacturing them
printing notes manufacturing them
printing notes manufacturing them discussions like this and the security
discussions like this and the security
discussions like this and the security around transportation the whole cost of
around transportation the whole cost of
around transportation the whole cost of transporting money from the bank to bank
transporting money from the bank to bank
transporting money from the bank to bank the government to banks and small
the government to banks and small
the government to banks and small businesses having to carry cash at the
businesses having to carry cash at the
businesses having to carry cash at the end of the day the untaxed wealth for
end of the day the untaxed wealth for
end of the day the untaxed wealth for example Sweden found that they had eight
example Sweden found that they had eight
example Sweden found that they had eight billion dollars of untaxed wealth that
billion dollars of untaxed wealth that
billion dollars of untaxed wealth that could come back to them if they were in
could come back to them if they were in
could come back to them if they were in cashless so that was one of the primary
cashless so that was one of the primary
cashless so that was one of the primary drivers for them so in the UK that
drivers for them so in the UK that
drivers for them so in the UK that opportunity is there but for some reason
opportunity is there but for some reason
opportunity is there but for some reason it is heavily and firmly a cash based
it is heavily and firmly a cash based
it is heavily and firmly a cash based society and culture now why are some
society and culture now why are some
society and culture now why are some countries really good at and some
countries really good at and some
countries really good at and some countries struggling with it
countries struggling with it
countries struggling with it so I use a framework to understand this
so I use a framework to understand this
so I use a framework to understand this so there are two axis I look at so on
so there are two axis I look at so on
so there are two axis I look at so on one hand you have the consumer
one hand you have the consumer
one hand you have the consumer acceptance score which tells you whether
acceptance score which tells you whether
acceptance score which tells you whether the consumer is or the population are
the consumer is or the population are
the consumer is or the population are willing to accept and try out new
willing to accept and try out new
willing to accept and try out new technologies this includes the use of
technologies this includes the use of
technologies this includes the use of smartphones internet the propensity for
smartphones internet the propensity for
smartphones internet the propensity for shopping online and on the other hand
shopping online and on the other hand
shopping online and on the other hand you have the digital business evolution
you have the digital business evolution
you have the digital business evolution score which tells you if you as a
score which tells you if you as a
score which tells you if you as a consumer is supported by businesses and
consumer is supported by businesses and
consumer is supported by businesses and the government to actually go cash free
the government to actually go cash free
the government to actually go cash free so this includes the government policies
so this includes the government policies
so this includes the government policies the regulations and of course
the regulations and of course
the regulations and of course infrastructure available to the
infrastructure available to the
infrastructure available to the businesses like point-of-sale machines
businesses like point-of-sale machines
businesses like point-of-sale machines you could be on a virgin’ train and you
you could be on a virgin’ train and you
you could be on a virgin’ train and you cannot buy food or drinks on it
cannot buy food or drinks on it
cannot buy food or drinks on it there’s no point of sale machine on a
there’s no point of sale machine on a
there’s no point of sale machine on a train so it’s a combination of these two
train so it’s a combination of these two
train so it’s a combination of these two factors in my opinion that drives a
factors in my opinion that drives a
factors in my opinion that drives a cashless society and you can see some of
cashless society and you can see some of
cashless society and you can see some of the countries I spoke about India Sweden
the countries I spoke about India Sweden
the countries I spoke about India Sweden Mexico Colombia Kenya and Nigeria and
Mexico Colombia Kenya and Nigeria and
Mexico Colombia Kenya and Nigeria and Turkey as a country is in fact one of
Turkey as a country is in fact one of
Turkey as a country is in fact one of the best examples of her population
the best examples of her population
the best examples of her population willing to accept and use digital
willing to accept and use digital
willing to accept and use digital technologies and for some reason the
technologies and for some reason the
technologies and for some reason the second country is Somaliland I haven’t
second country is Somaliland I haven’t
second country is Somaliland I haven’t figured out why and you can see that the
figured out why and you can see that the
figured out why and you can see that the UK’s not too bad with the consumer
UK’s not too bad with the consumer
UK’s not too bad with the consumer acceptance but we are still struggling
acceptance but we are still struggling
acceptance but we are still struggling on the the government side but we also
on the the government side but we also
on the the government side but we also need to remember that the journey is
need to remember that the journey is
need to remember that the journey is that concepción took and Sweden took
that concepción took and Sweden took
that concepción took and Sweden took they do have certain problems as well so
they do have certain problems as well so
they do have certain problems as well so there are two paths you can take to go
there are two paths you can take to go
there are two paths you can take to go cashless so the pub that conceptual took
cashless so the pub that conceptual took
cashless so the pub that conceptual took and Sweden is taking is very much a
and Sweden is taking is very much a
and Sweden is taking is very much a linear part in that they converted cash
linear part in that they converted cash
linear part in that they converted cash to credit cards and then debit cards
to credit cards and then debit cards
to credit cards and then debit cards digital payment apps PayPal things like
digital payment apps PayPal things like
digital payment apps PayPal things like that and then ultimately they launched
that and then ultimately they launched
that and then ultimately they launched an app in Sweden they call it swish so
an app in Sweden they call it swish so
an app in Sweden they call it swish so it’s a very very linear journey that we
it’s a very very linear journey that we
it’s a very very linear journey that we have seen with these two countries but
have seen with these two countries but
have seen with these two countries but if you look at the other part that India
if you look at the other part that India
if you look at the other part that India has taken and other countries in Africa
has taken and other countries in Africa
has taken and other countries in Africa like Kenya Nigeria etcetera they have
like Kenya Nigeria etcetera they have
like Kenya Nigeria etcetera they have taken in the exponential path which
taken in the exponential path which
taken in the exponential path which means they have completely gone around
means they have completely gone around
means they have completely gone around the cycle of credit cards and debit
the cycle of credit cards and debit
the cycle of credit cards and debit cards or any physical device for
cards or any physical device for
cards or any physical device for transformation and they have gone from
transformation and they have gone from
transformation and they have gone from cash to virtual wallets almost directly
cash to virtual wallets almost directly
cash to virtual wallets almost directly and as you can see that is highly
and as you can see that is highly
and as you can see that is highly disruptive that mode will help you
disruptive that mode will help you
disruptive that mode will help you achieve cash listeners in a much much
achieve cash listeners in a much much
achieve cash listeners in a much much faster way and notice that this actually
faster way and notice that this actually
faster way and notice that this actually creates an ecosystem so this will sit
creates an ecosystem so this will sit
creates an ecosystem so this will sit within the ecosystem of mobile networks
within the ecosystem of mobile networks
within the ecosystem of mobile networks the identity
the identity
the identity program of the country the welfare
program of the country the welfare
program of the country the welfare program the corporate incentives program
program the corporate incentives program
program the corporate incentives program so it actually creates an ecosystem the
so it actually creates an ecosystem the
so it actually creates an ecosystem the moment your virtual and one of the best
moment your virtual and one of the best
moment your virtual and one of the best things that can happen is that we can
things that can happen is that we can
things that can happen is that we can provide basic services healthcare
provide basic services healthcare
provide basic services healthcare education through this ecosystem which
education through this ecosystem which
education through this ecosystem which has created banking opportunities and I
has created banking opportunities and I
has created banking opportunities and I could say banking but it’s actually
could say banking but it’s actually
could say banking but it’s actually financial movement opportunities for
financial movement opportunities for
financial movement opportunities for people in India and Africa that’s about
people in India and Africa that’s about
people in India and Africa that’s about 80 percent of the population of the
80 percent of the population of the
80 percent of the population of the individual countries to access those
individual countries to access those
individual countries to access those services without ever having a bank
services without ever having a bank
services without ever having a bank account that’s truly transformational so
account that’s truly transformational so
account that’s truly transformational so going cashless has the power to
going cashless has the power to
going cashless has the power to transform our lives and and the economy
transform our lives and and the economy
transform our lives and and the economy and the world
and the world
and the world imagine a world where he used really
imagine a world where he used really
imagine a world where he used really available physical devices your mobile
available physical devices your mobile
available physical devices your mobile phone your household appliances to make
phone your household appliances to make
phone your household appliances to make the transactions almost invisible for
the transactions almost invisible for
the transactions almost invisible for you you don’t even think about the
you you don’t even think about the
you you don’t even think about the payment you’re making for example you’d
payment you’re making for example you’d
payment you’re making for example you’d be walking on the street and it starts
be walking on the street and it starts
be walking on the street and it starts raining and it you bus stops right there
raining and it you bus stops right there
raining and it you bus stops right there for you or your washing machine realizes
for you or your washing machine realizes
for you or your washing machine realizes that your washing powder is finished and
that your washing powder is finished and
that your washing powder is finished and it orders it for you from Amazon it’s
it orders it for you from Amazon it’s
it orders it for you from Amazon it’s happening right now or you are a busy
happening right now or you are a busy
happening right now or you are a busy working mother or on a treadmill and you
working mother or on a treadmill and you
working mother or on a treadmill and you can order your groceries while you are
can order your groceries while you are
can order your groceries while you are doing two things at once us as busy
doing two things at once us as busy
doing two things at once us as busy working mothers always – or you could be
working mothers always – or you could be
working mothers always – or you could be a government having billions of dollars
a government having billions of dollars
a government having billions of dollars in excess cash available to spend on
in excess cash available to spend on
in excess cash available to spend on health universities hospitals schools
health universities hospitals schools
health universities hospitals schools welfare aid development and imagine a
welfare aid development and imagine a
welfare aid development and imagine a world where small business owners know
world where small business owners know
world where small business owners know exactly how much cash they have at any
exactly how much cash they have at any
exactly how much cash they have at any given point of time and that money is
given point of time and that money is
given point of time and that money is already in their bank account and
already in their bank account and
already in their bank account and imagine that world where children
imagine that world where children
imagine that world where children learned that cash is not the most
learned that cash is not the most
learned that cash is not the most important thing there are much better
important thing there are much better
important thing there are much better ways to
ways to
ways to deal with life on a day-to-day basis
deal with life on a day-to-day basis
deal with life on a day-to-day basis which is already happening so the next
which is already happening so the next
which is already happening so the next time you take out your physical wallet
time you take out your physical wallet
time you take out your physical wallet or purse I employee you stop have a
or purse I employee you stop have a
or purse I employee you stop have a think and think about whether you can
think and think about whether you can
think and think about whether you can make the same transaction with your
make the same transaction with your
make the same transaction with your mobile phone thank you
mobile phone thank you
mobile phone thank you [Applause]
”
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