Ruchir Sharma
When President Xi Jinping of China took power in 2012, digital cash hardly existed. Last year, the Chinese made $9 trillion in mobile payments, 80 times more than Americans. Chinese consumers pay for 25 percent of their purchases with digital cash delivered by a mobile phone app, and about one in seven carry no paper currency. In big cities like Shanghai, it’s hard to use paper to pay taxi fares or restaurant bills.
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