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Podcast: How to Lend Money to Strangers
Episode: Lessons from the Chinese model, with Richard Turrin (Author & Consultant)
Description: Five years ago, cash was involved in every fourth POS transaction in China. Today, it is involved in 1 in 14, and in two years, it is expected to be involved in just 1 in 33. The size and speed of that evaporation are undeniably impressive, but the most important lessons will be found by studying neither the size nor the speed at which those cash transactions evaporated but from studying where those transactions went. In the West, cash transactions became debit card transactions and the big banks saw them all. In China, cash transactions went into...