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Thursday, December 15, 2016

India Just Flew Past Us In the Race To E-Cash (backchannel.com)

Since India's prime minister banned 86 percent of the rupee notes in circulation last month, citizens have been waiting in hours-long lines for ATMs. 

But these circumstances have also created an unexpected progression: a burgeoning cashless economy. 
At Backchannel, Lauren Razavi explores how India is now beating many Western countries in adopting mobile payments, and how demonetization has triggered a radical shift toward reimagining India's enormous informal economy as a data-driven digital marketplace.From the report: "Before last month, Paytm, a mobile app that allows users to pay for everything from pizza to utility bills, saw steady business -- it was processing between 2.5 and 3 million transactions a day.

 Now, usage of the app has close to doubled. 6 million transactions a day is common; 5 million is considered a bad day. 

Rather than being forced to idle away time in excruciatingly long lines, 'people are pro-actively exploring other ways to settle payments besides cash,' says Deepak Abbot, senior vice president at Paytm. 

'Now people are realizing they don't need to really line up, because merchants are starting to accept other forms of payment.' 

All of this has created a newfound system that practically incentives mobile payment. 

With so many people queuing up at banks every day -- and a lot of Indian bureaucracy to wade through in order to open a traditional bank account or line of credit -- the appeal of more convenient digital alternatives is easy to understand. 

According to a report in the Hindu Business Line, as many as 233 million unbanked people in India are skipping plastic and moving straight to digital transactions.

 'Cash has lost its credibility and payments are no longer perceived in the same way,' says Upasana Taku, the cofounder of Indian mobile wallet company MobiKwik, which reported a 40 percent increase in downloads and a 7,000 percent increase in bank transfers since demonetization.

 'There's chaos at the moment but also relief that India will now be an improved economy,' she says."


We Are Indeed Upon The Threshold Of A Cashless Society

Revelation 13:1617 is the biblical point of entry for discussion of the cashless society, a one-world government, global economics, and biblical prophecy

Now, with cash people would not be able to control the world economy, because as long as there is cash people can operate outside of the system by slipping some money under the table. For there to be an iron-clad system where you cannot buy or sell — that absolute supply and demand are controlled — it is going to have to be a cashless society.

 Revelation 13:16-17 goes, “He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.” And so, if one can’t buy and sell unless they have this mark, then every transaction in the world has to be monitored,

It is amazing that the Bible predicted a cashless society back in the times of wood, stone and togas! This to me is another verifiable point and confirmation that the Bible is the Word of God and that it is true.

Revelation 13 the Bible says that this “beast coming out of the sea” whom we call “Antichrist” — this final world ruler — when he comes on the scene is going to have a man who is kind of his second-in-command and propaganda expert. This “beast coming out of the earth,” I call him the “World Economic Czar.” In the Bible he is also called the “False Prophet.” He is going to set up a system where everyone in the world is going to have to worship the Antichrist and take his mark in order to be able to buy and sell.

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