Mrs Chen probably doesn’t realize the significance of her new Octopus card. She leaves it in her handbag and holds it by the turnstile. She passes through, and it deducts the fare. She catches her train and thinks nothing more about it.
However, Mrs Chen and the four million other Hong Kongers who hold Octopus cards are part of a monetary revolution. The Octopus system has created HK$4 billion ($516 million) of electronic money in an economy with about HK$100 billion of notes and coins in circulation.
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