Here's a startling fact: in the 45 years since the introduction of the automated teller machine, those vending machines that dispense cash, the number of human bank tellers employed in the United States has roughly doubled, from about a quarter of a million to a half a million.
One of the demonetization benefits, in some markets like used cars, is that organized, transparent businesses are gaining at the cost of unorganized players.
In the not-too-distant future, commerce is just going to be commerce. It won't be online commerce or offline commerce. It's just going to be commerce. And that will happen because of the phone.
I've got a wallet, it's orange. In case I wanna buy a deer. That doesn't make any sense at all.
Every one, even the richest and most munificent of men, pays much by cheque more light-heartedly than he pays little in specie.
Retail banking in Africa is very weak. You can't go to a village and get money from an ATM or visit a branch of the bank. So people have to use the Internet.
After you pay your E-ZPass bill, there is no reason for the government to keep records of your travel.
I use debit cards for everyday purchases, as I don't believe in credit cards. But this has caused problems, especially with American touring, because I refuse to have a credit card - and in America you can't pay for anything on a debit card.
These days, checks are direct-deposited, money comes out of a machine in the wall, and we swipe a plastic card to make a purchase. In other words, your kids can grow up thinking money comes in an endless supply if you don't show them otherwise.
The digitisation of money, the rapid expansion of internet access and, of course, the adoption of mobile phones have created the perfect conditions to make it easier, secure, and affordable to save, spend, give, and borrow.
I don't carry a wallet. I keep my cards in my pocket and cash in my boots.
When ATM machines came out and people were prosecuted for robbing ATM machines, I don't think anybody thought the banks were against technology because they didn't want their ATM machines lifted.
Even if it does not become cashless economy, it will become a less cash economy, and I think that itself is going to be a good and big achievement, and I think we are, as a country, gone through many of large changes, and ICICI has been a leader in many of them.
Credit or debit cards, for starters, are nothing short of shoppers' Novocain. Even in the age of digital purchases and virtual money, we still attach a special value to dirty paper with pictures of presidents on it. Handing some of that to a cashier simply hurts more than handing over a little sliver of plastic.
I am a person who goes out without a purse.
I don't have a wallet. I carry my driver's license and a couple of credit cards in my phone. That, and a money clip.
We're building the ultimate experience for fun, flexibility, and empowerment where you can rent a car, fill it with discounted gas, meet new people, stop for a Starbucks coffee, and have your earnings deposited into your bank account all in the same day.
Estonians are much more used to Internet banking rather than an online credit card.
Uber, like Google, is taking a highly disorganized business - in its case, private transportation such as taxicabs and private limousines - and ordering it neatly.
One of the really fascinating areas is marketplaces that take advantage of mobile devices. Ridesharing is the obvious example, but that's just the start of it, of selling goods and services with lightweight mobile apps.
Payments banks can also act as business correspondents of other banks.
A credit card is a convenient device that saves you the trouble of counting your change.
As with so many sectors of the economy, technology is transforming the retail banking sector.
India did not innovate with the ATMs. But when we brought ATMs into India and made the machines talk in 15 regional languages to the people in rural India, we got millions of transactions on the ATM.
A number of people in the United States, almost everyone, is using plastic cards to pay for things, but it's extremely difficult to accept these cards. So let's make it's easy and take more and more of the friction out as we can.
