Banknotes will soon disappear!

12/5/2017


Businessman Ivan Sun expects paper money to disappear in the near future, with people preferring to use credit cards instead of banknotes.


A number of countries around the world are raising slogans towards a full credit card deal, including Britain, Sweden, Norway and Australia.

"How far are we going to get restaurants to pay only by credit cards?" Said the businessman, who is active in the technology sector, in an interview with CNBC on Friday. I do not think we are far from hearing "we only accept electronic payment".

Sun said the cash killer could be a pet, American Express, MasterCard or anything else, but "the next step is to stay away from paper currencies."

Some European countries are taking real steps towards reducing the use of paper currencies. India has stopped dealing with some of its paper currency, but the situation is different in emerging countries.

In the past years, the world has witnessed the spread of digital payment. Global non-monetary transactions increased by 11.2% between 2014 and 2015, reaching 433.1 billion transactions, according to data released by the World Bank.

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