Cash­less So­ci­ety

Beijing Review - - This Week -

About 84 per­cent of the Chi­nese peo­ple are ac­cus­tomed to go­ing out with­out any cash, ac­cord­ing to a re­port of mo­bile pay­ment us­age in China re­leased by Chi­nese mo­bile pay­ment so­lu­tion WeChat Pay.

The re­port, ti­tled 2017 Mo­bile Pay­ment Us­age in China, was re­leased on Septem­ber 22 dur­ing the third Asia-Pa­cific Re­gional Fo­rums on Smart Cities and e-Gov­ern­ment which were held in the north sub­urb of Bangkok.

Based on sta­tis­tics col­lected from 6,596 users around 324 Chi­nese cities, the re­port said 40 per­cent of Chi­nese go out with less than 100 yuan ($15.2) in cash, and 14 per­cent have al­ready adopted a cash­less life­style.

Only 4 per­cent were un­will­ing to leave their homes with­out cash, and 12 per­cent felt con­cerned to do so.

The re­port, con­ducted by Ten­cent, that de­vel­oped the fa­mous Chi­nese so­cial me­dia WeChat and WeChat Pay, said China is a good ex­am­ple in terms of mo­bile pay­ment devel­op­ment.

“Tech com­pa­nies in China to­day have built a holis­tic eco-sys­tem cov­er­ing fi­nan­cial ser­vices in­clud­ing third-party pay­ments, mon­e­tary funds, in­sur­ance, on­line bank­ing, credit rat­ing, and con­sumer loans,” the re­port said, adding that these tools and ser­vices would of­fer a bet­ter and more con­ve­nient pay­ment ex­pe­ri­ences to con­sumers, and of­fer more in­clu­sive fi­nan­cial ser­vices, thereby cre­at­ing a more pro­duc­tive so­ci­ety.

“We are be­gin­ning to see both Chi­nese so­lu­tions and mod­els for dig­i­tal­ized fi­nan­cial ser­vices in­creas­ingly adopted world­wide. Be­gin­ning with mo­bile pay­ments, Chi­nese fin­tech com­pa­nies will con­trib­ute to the global devel­op­ment of fi­nan­cial tech­nolo­gies, and bring dig­i­tal in­clu­sive fi­nance to all those who are in need,” the re­port put forward.

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