Summary of Richard Turrin's Cashless

By IRB Media

Get the Summary of Richard Turrin's Cashless in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: Cashless is written by the best-selling author of Innovation Lab Excellence, an award-winning expert in fintech innovation, career banker, and technology expert who has experienced China’s cashless revolution firsthand as a former US resident living in China.

• Language: English
• Publisher: IRB Media
• Release date: Dec 9, 2021
• ISBN: 9781669343332

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Richard Turrin's Cashless

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 18

Insights from Chapter 19

Insights from Chapter 20

Insights from Chapter 1

#1

China’s financial technology, or fintech, is another area of the Chinese economy that has largely gone unnoticed by the rest of the world. Fintech in China has created many innovative products that have gone on to change the entire world, but few people have noticed.

#2

China’s digital currency, the RMB, is a sign of what’s to come for the West, as it threatens the dominance of the US dollar.

#3

When the author arrived in Shanghai in 2010, the city had no digital payment system. Cash was still king, and debit cards were used at the ATM or for payments at large or mid-sized stores with point-of-sale card readers. Small stores were cash-only.

#4

The author worked in New York for years, helping banks improve their technology. When he moved to China, he was surprised to find that the banks there were going through the same process of technological advancement that the US banks were, but in a much more accelerated manner.

#5

China has gone cashless quickly, and the country’s mobile payment systems, WeChat Pay and Alipay, are a model for what will happen in your local market.

#6

China is a country that has embraced financial technology and the fintech industry very wholeheartedly.

#7

China’s fintech is making waves around the world, and not just in China. The country has set its sights on Southeast Asia, and Thailand in particular, to bring its digital banking prowess into the region.

#8

China's fintech is already having an effect on banks all around the world.

#9

China’s fintech developments, from mobile payments to digital RMB to its central bank digital currency, will be replicated in the West.

#10

Chinese fintech is on the march, and understanding these technologies and the companies behind them will give you a strategic advantage as these technologies come to your markets.

Insights from Chapter 2

#1

China’s rapid succession of groundbreaking technological achievements, including artificial intelligence, blockchain, and now digital currencies, are garnering global attention.

#2

China and India have been leaders in fintech, with China leading the way as far as small business and consumer adoption.

#3

China’s impressive figures for fintech adoption and mobile payments demonstrate how digital finance is transforming that country. But before we dive headlong into the subject, I want to address the three most popular criticisms leveled against China’s tech scene: Strawmen are claims used to deflect or derail a discussion before it can even get