In Beijing,the squeezing of the upper middle class shows just how far into Chinese society the economic slowdown is reaching.
Moving cash around the country in armoured cars costs money. But unlike digital payments that attract surcharges,these costs aren’t visible to consumers.
As a trade war with the United States begins,China wants to fire up its economy and plans to increase defence spending.
Millions of coins sit in wallets,banks,cash register tills,back pockets and underneath sofa cushions – and they face an unknown fate.
The government is mandating cash for essential services across the country. Supermarkets and petrol stations are in – but bottle shops and cafes are out.
There have been at least nine mass killings and attacks in China in 2024 – three more than in the entire previous decade.
According to the government,physical currency isn’t going anywhere. But just how easy is it to give up tap-and-go?
Few among us would not have felt the sting of a surcharge for using debit and credit cards,but the cost of banknotes and coins is a real and growing concern.
The use of physical currency has plummeted in recent years,but Australians will still be able to use it to buy essential items into the future.
Nick Molnar and Anthony Eisen built an empire by detecting and responding to major shifts in financial behaviour. So their views on the immediate future carry weight.