After I double-checked my pockets, my anxiety began to set in…

Then it hit me. My wallet was sitting on my dining room table, right next to the bowl of fake lemons.

I was prepared to do the “walk of shame.” I had no money. I had no credit card with me. And I could feel the glares from the five people waiting behind me in line.

All I wanted was a cup of coffee from Starbucks…

I thought at that point it was best to just avoid eye contact and go. But right before I was ready to leave the store, I realized I had my phone…

And I remembered that Starbucks accepted Apple Pay.

I grabbed my phone and put it up to the reader next to the cash register.

In less than four seconds, my coffee was paid for and I was on my way.

I didn’t need my wallet, any cash, or a credit card. All I needed was my phone. And it was much easier than digging through my wallet or keeping track of loose pocket change.

Mobile payments are still relatively new in the U.S. But as I’ll share today, that’s starting to change. And a surprising example shows this lucrative trend could take over sooner than you think…

I live in a small town outside of Jacksonville, Florida, with a population of less than 13,000. And yet, I can still pay for coffee at the local Starbucks with my smartphone.

The foundation for mobile payments has already been laid… Tech giants like Amazon, Apple, and others are all trying to get consumers to move to a more cashless society right now.

Interestingly, if you want to see a good example of what this means down the road, look no further than China…

For a visitor, walking into a restaurant in China might feel like stepping into the future.

In some places, you won’t see any cashiers or servers. No cash changes hands. And you certainly won’t find any paper receipts.

My friend and colleague Dr. Steve Sjuggerud just returned from one of his many trips to China. And it was a trip from a few years ago that first inspired him to break this story. Here’s what he told his True Wealth readers in 2017…

I wouldn’t have believed in this “cashless society” idea if I hadn’t seen it firsthand. I never imagined that I’d see the future of money for the first time in Beijing, China. But I did… in our very first meeting in Beijing last summer…

The executive across the table from us told us that she doesn’t carry a wallet or a purse. She doesn’t carry any money or credit cards, either. Everything she needs is on her phone – everything.

She is not alone. What she does is “normal” among businesspeople in Beijing.

In the past two years, paper money has almost been completely replaced by mobile phones in China’s major cities.

You see, China went from basically a cash-only society to a massive user of mobile payments in a little more than five years. Today, more and more stores are popping up with no cashiers. And cash is increasingly irrelevant in China’s major cities.

It’s a great example of how this unstoppable trend will likely play out at home – and a sneak peek at the fast-moving opportunity for investors…

In China, nearly half of the population used mobile payments in 2018 – up from almost nobody in 2011. Mobile payments didn’t really exist in China only five years ago. Now, they’re ubiquitous.

When Steve broke this story, he recommended shares of Chinese tech giant Tencent (TCEHY)… the owner of one of China’s top mobile-payment apps. The stock more than doubled over the next year.

Now, we have a similar revolution happening in the U.S.

Four out of five American adults own a smartphone today. That means roughly 202 million people have access to mobile-payment apps such as Apple Pay, Google Pay, and more.

Like me, these folks can all pay at many places without their wallets, cash, or credit cards. And soon, your smartphone will be all you need… no matter where you go.

It’s coming sooner than most believe. And tomorrow, I’ll share a simple way you can profit from what’s going on.

Good investing,

Chris Igou

Strange change at your bank [sponsor]
At least 41 major US banks have just made a drastic change to the way money in America works. It could have some major implications for you, your money and your retirement. But it's crucial you understand what's happening, before these changes get applied to your bank account. Here's everything you need to know.

Source: Daily Wealth