Economist Podcasts

Cash out: the digital-payments revolution

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May 30, 2023
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INSIGHT

Cash Replacements

  • Credit cards, FinTech apps, and smartphones are replacing cash.
  • Emerging economies use mobile payment systems like M-PESA in Kenya.
ANECDOTE

Payment Systems

  • China uses QR codes for payments in markets.
  • India's Unified Payment Interface (UPI) is a state-led, open system.
INSIGHT

India's UPI

  • India's UPI processed over a trillion dollars in transactions last year.
  • UPI is interoperable, unlike China's Alipay or Kenya's M-PESA.
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