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Nothing officially exists as yet so no protocols of any kind are known, but the future seemingly holds an opportunity to pay without using physical cash and also gives a great opportunity to lose everything in an instant if someone simply picks up an unlocked phone from a bus/train/restaurant seat.
This is already in trial mode in select areas in China....but there is a cautionary note for that, as EVERYTHING every individual does with anything is monitored 24/7 . Government permission is already required before you can board a bus to visit grandma.
The article says those who have no bank accounts will be able to use their devices to pay for things but that seems to overlook a huge reality: those who have no bank accounts very often do not have any money to deposit, and they cannot afford to pay the cost of either a phone purchase OR the monthly subscription fees for said phone.
This is already in trial mode in select areas in China....but there is a cautionary note for that, as EVERYTHING every individual does with anything is monitored 24/7 . Government permission is already required before you can board a bus to visit grandma.
The article says those who have no bank accounts will be able to use their devices to pay for things but that seems to overlook a huge reality: those who have no bank accounts very often do not have any money to deposit, and they cannot afford to pay the cost of either a phone purchase OR the monthly subscription fees for said phone.
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