“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” — Revelation 13:16-17
Big Banks Prepare To Launch Digital Wallet To Compete With Apple Pay And PayPal
Back in the 1980’s I worked as an independent food broker to the grocery industry. I had grown up in and learned the business from my grandfather. The grocery industry had its own magazine to show what was happening, where it was going and when they planned for that to happen for distribution, warehousing, door to door shipments, etc. They also kept track of cash registers and payment plans they were looking at in the future growth.
Somewhere along in the mid to late ’80’s a series of articles in that publication caught my eye. They were about scanners, retina readers, hand and fingerprint readers, card readers, and all that goes along with the technology. One article was about making cash obsolete in future customer purchases and replacing cash transactions with debit and credit cards. This was to be preceded by store discount cards offering incentives to use cards and eventually “punishing” use of cash with higher prices or not having discounts available. Essentially they were saying the grocery industry was doing away with cash! All this was targeted at year 2000.
They were optimistic if nothing else. Year 2000 came and went but that thought stuck with me and since the late 1980’s I have regularly asked cashiers what payment methods are used to purchase groceries. In the early 1990’s not surprisingly it was mostly cash, as I recall around 90+%.
As we headed into the 21st century I noticed those statistics changing with card usage up and cash down. More people were using debit cards to pay for their groceries than credit cards, but cash was significantly down in my opinion to around 1 in 4 people using cards to buy food. By the way, I was always aware whether from my upbringing, industry savvy, or common sense that when people were using credit cards to buy groceries they were in the middle of a problem or potential problem concerning money.
Fast forward to today: The latest statistics show that 80% of people prefer using cards versus cash! Cash only payments represent only 10% of total transactions! In around 35 years payment methods have flip-flopped. The difference today is that card usage stats show larger purchases with cards (average $112) and smaller purchases with cash (average $22). Of those using cards, debit cards are used for 67% of purchases/payments. 38% of people said that cash was “inconvenient” due to limitations on the amount they can spend, and 42% stating that the cards gave them a “cushion”, while 36% indicated “rewards” and 34% saying that “building credit” were their top reasons for using a card versus cash.
I can relate to many of the reasons people state as to why they use a card versus cash. When I was coming along nobody had anything but cash! And, up until the past couple of years, I have strictly used cash, but as many surveyed revealed, cards are just convenient much of the time, although there is nothing like feeling cold hard cash in your palm.
Unfortunately, there are people in this world who want to remove your choice for using cash versus card so they can capture more about you and even control you if they desire by cutting off your ability to purchase anything unless they give permission. Sounds like the wicked witch to me.
Some of those who are pushing no cash and only card are the World Economic Forum. The WEF is a globalist organization who wants to remove national borders, establish world government and reduce the population.
Zero Hedge reports:
Major US banks, including Wells Fargo, Bank of America, JPMorgan, and others, will push into the digital wallet space in the second half of this year to take on Apple Pay and PayPal.
Early Warning Services LLC (EWS), the bank-owned company that operates the money-transfer service Zelle, will be managing the new digital wallet, according to WSJ. The wallet has yet to be named but will be separate from Zelle and allow shoppers to pay at merchants’ online checkouts with linked debit and credit cards.
EWS plans to offer the new digital wallet later this year and can handle up to 150 million debit and credit cards during the initial launch. Consumers in good standing with banks will be eligible for the new service.
The purpose of the digital wallet is to take on third-party wallet operators such as Apple and PayPal, according to people familiar with the matter. They said banks are concerned about losing businesses if a digital wallet is not released soon. Even though Goldman Sachs’ consumer unit that manages the Apple Card is a money-losing business, there is a plan to launch a high-yield savings account and buy now, pay later program.
The move towards electronic and contactless payments has been gradual but could soon be thrown into hyperdrive if enough consumers adopt EWS’ new wallet. It was during the Coronavirus pandemic when the government, Federal Reserve, and corporations urged people to avoid unnecessary physical transactions that increased the push toward a cashless society.
Recall the pivot toward a cashless society was clear as day. Perhaps the coin shortage during the pandemic was a test run. And anyone who dared mention a looming cashless society was deemed a ‘conspiracy theorist.’
Just remember who is also shaping the world and influencing politicians and corporations away from a cash economy:
Dethroning cash as king. How digital payments are enabling a shift away from the cash economy https://t.co/FUYE2KHVfn @WEFUpLink pic.twitter.com/QpRmA61JXz
— World Economic Forum (@wef) February 22, 2022
The dystopic view is that a cashless society could mean governments and corporations will have even more control over our wallets — and that’s frightening.
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Unless most people awaken to see how digital only transactions means total control of what and where you can purchase, but only your every movement, they will wake up one day as total slaves n the country “of the free”—Not! Digital currency is just another attempt to enslave Americans and the world.
Michael Reed is Publisher of The Standard newspaper, print and online. TheStandardSC video media channel is being censored by dominant social media groups like YouTube. YouTube, owed by Alphabet (Google), removed and destroyed all of our video work without permission or remuneration. That has stopped all potential donations from our many supporters on that venue. If you want to continue to see independent thought and reports please “like”, comment, share with a friend, and donate to support The Standard on this page to assure the continued availability of news that is ignored too often by the dominant media.
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