Tag Archives: Digital Technology

Money: Non-Cash Payment Option In US, India & China

The Economist (August 10, 2023) – Non-cash payments are on the rise all over the world. Our writers explain how digital technology has changed the way consumers shop in three important markets: America, China and India.

Video timeline: 00:00 Cashless transactions are on the rise 00:18 America: account and card 02:01 India: Unified Payment Interface 04:06 China: App payments

Preview: MIT Technology Review – May 2022 Issue

MJ22 cover

The Money issue – May 2022

Money changes everything: But who is the shift toward digital transactions really helping?

Humans and technology

Money is about to enter a new era of competition

Digital technology is poised to change our relationship with money and, for some countries, the ability to manage their economies.

Politics & Technology: China’s Surveillance State

China is building a huge digital surveillance system. The state collects massive amounts of data from willing citizens: the benefits are practical, and people who play by the rules are rewarded. Critics call it “the most ambitious Orwellian project in human history.”

China’s digital surveillance system involves massive amounts of data being gathered by the state. In the so-called “brain” of Shanghai, for example, authorities have an eye on everything. On huge screens, they can switch to any of the approximately one million cameras, to find out who’s falling asleep behind the wheel, or littering, or not following Coronavirus regulations. “We want people to feel good here, to feel that the city is very safe,” says Sheng Dandan, who helped design the “brain.” Surveys suggest that most Chinese are inclined to see benefits as opposed to risks: if algorithms can identify every citizen by their face, speech and even the way they walk, those breaking the law or behaving badly will have no chance. It’s incredibly convenient: a smartphone can be used to accomplish just about any task, and playing by the rules leads to online discounts thanks to a social rating system. That’s what makes Big Data so attractive, and not just in China. But where does the required data come from? Who owns it, and who is allowed to use it? The choice facing the Western world is whether to engage with such technology at the expense of social values, or ignore it, allowing others around the world to set the rules.

Health: Annual Physical Exams Are Going Virtual

Finance: Why The Fed Will Create A Digital Dollar

The Federal Reserve is trying to figure out how to keep cash relevant in a cashless world. It’s considering digitizing the U.S. dollar, giving people money they can access on their phone and bypassing electronic payments that can be slow and costly for businesses. Illustration: Jacob Reynolds/WSJ

Analysis: ‘China’s Digital Currency Concerns’ (WSJ)

As China moves closer to rolling out its new digital cash, there are concerns the government will track every transaction––not just of citizens but of foreign companies in the country. WSJ travels to Chengdu to see this money revolution in action. Photo: Lorenz Huber for The Wall Street Journal

Health: ‘Overcoming Challenges In Medical Wearables’ (Video)

Medical wearables are quickly becoming a potential solution in a world where tele-health is gaining ground. Here are three examples of challenges in designing medical wearables, and how to overcome them.

Leisure Post-Covid: “The Time To Reinvent Travel”

From McKinsey & Company (June 15, 2020):

As travel companies redesign their traveler experiences to address risks and anxieties related to COVID-19, they should remember that the pain points and trends that existed before the crisis—such as the shift toward a more digital and personalized journey, and an increased emphasis on wellness and sustainability—have not gone away.

Travel Industry Trends Pre-Covid-19 - McKinsey & Company - June 15 2020

Many initiatives can make the travel experience simultaneously better and safer. Housekeeping services, for instance, will need to adjust for safety concerns, but revised protocols can also reduce environmental impact (such as through less-frequent Digital Technology - Reinventing Travel - McKinsey & Company - June 15, 2020laundering of sheets during each stay), decrease cost, and give guests more flexibility (by letting them choose their own housekeeping schedule).

Companies should empower customers to build their own itinerary using smarter, connected digital tools and make it easier for them to modify or cancel their plans. In addition, companies must recognize that the factors that promote customer loyalty may now have shifted; near-term uncertainty may mean, for example, that the ability to cancel a reservation matters more than brand choice or price.

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History: “European Castle Ruins” Digitally Restored By NeoMam Studios

From AtlasObscura.com (March 26, 2020):

…a team of designers recently looked at the now-ruined castles of Middle Ages Europe, lifting the fortifications up from their dilapidated states and digitally reimagining the structures as they were in their heyday.

Samobor Castle Croatia - Digital Enhancement by NeoMam Studios March 2020

Seven European castles were virtually rebuilt, restoring them from their keeps to their baileys. Architects pored over old paintings, blueprints, and other research documents that describe the strongholds, then offered their opinions to the NeoMam Studios design team, which digitally revived the structures from the ground up.

NeoMam Studios website

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