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The biggest problem is the ease at which fraudsters can open a bank account to receive their ill-gotten gains and immediately transfer the money elsewhere. Banks should be far more careful about allowing fraudsters to open accounts, but it seems that all banks are desperate for new accounts and cut corners when carrying out even the most basic checks.

Be interesting to know how this works for women, who wear the full burka and veil.

A single world currency is only achievable in a world where everyone is equal and all have the same work ethic and the same desires out of life. In other words, Utoipia. Unfortunately, not all people feel the same way. It is why the EU is struggling to work, and less than 10% of the world's population live in the EU. Think of Germany and Greece. When China takes over the world, as it obviously plans to do over the next 100 years, then it will become reality.

In the UK they are known as current accounts. Standing Orders and Direct Debits were introduced in the UK more than 50 years ago, as were ATM's. Salaries and wages have been paid into bank accounts also for 50 years. Electronic transfers were introduced more than 20 years ago. Checks have been obsolete here for a very long time. The only reason that they have been retained at all is lobbying by charities., who claim that it is a significant benefit to them. These days, with so many ways to pay - phone, PayPal, electronic transfer, one wonders why checks are still around.

I do not believe the headline that half of the world will be using mobile wallets by 2025. That means that 3,900,000,000 will be using them in four years time. How about some accurate statistics to back this up.

I have always pay off my credit cards in full each month. As a result, I get a fee free and a zero interest loan for between 25 and 56 days. I also get a guarantee with anything that I purchase, which enables me to get a fee free refund if the goods are faulty, without having to wrangle with shop or the vendor.

I have had a Buy Now Pay Later facility for the last 50 years. It is called a credit card.

Excellent article. Banks need to implement this now. They have delayed and delayed the implementation at no cost to themselves but huge emotional and financial cost to the consumenr.

$1 billion & $23 billion are mentioned. What percentage of the banking market does this represent? I do not believe that either are 'massive' numbers in banking terms.

This goes to show that you can prove anything using statistics. China and India have 40% of the world's population. Until they reign in their emmisions we are weeing in the wind. Germany is burning huge amouns of coal, now that it has shelved nuclear, but no-one seems to query their emissions statistics.