This is a selection of resources on China’s rising cashless society available from the NLB catalogue or the Internet and is not meant to be an exhaustive list.
NLB print and digital resources
China’s fintech explosion: Disruption, innovation, and survival
In rapidly developing China, fintech is taking off amid a backdrop of growing consumption and a large, tech-savvy millennial generation. China’s Fintech Explosion explores the transformative potential of China’s financial-technology industry, covering subsectors such as digital payment systems, peer-to-peer lending and crowdfunding, credit card issuance and internet banks, blockchain finance and virtual currencies, and online insurance.
Retrieved from OverDrive. (myLibrary ID login is required to access this ebook)
Super-sticky WeChat and Chinese society
This ebook provides a balanced and nuanced study of how the WeChat platform interweaves into the fabric of Chinese social and cultural life. It keeps the wider global and national social media landscape in view and compares and contrasts WeChat with Weibo, QQ and other Western social media platforms, including some of their mobile payment systems and their usage trends in China.
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China takes steps to become first cashless society after Covid-19
In the aftermath of the Covid-19 pandemic, China has launched its digital currency, the digital Yuan or RMB, in its bid to become a cashless society using contactless payments, and is poised to become the first country in the world to do so.
China is moving toward a cashless society
China is a pioneer in cashless transactions, propelled by Alibaba’s Alipay and Tencent’s WeChat Pay. According to the article’s forecast, around 60 percent of China’s 1.3 billion population will have made a purchase via mobile payment by 2023. As the trend continues, China may soon become a cashless economy, where digital payment methods totally replace cash.
China wants its rural villages to go cashless by 2020
Beijing announced its aim to make mobile payments within easy reach of its rural regions by the end of 2020. Guidelines (in Chinese) to make online financial services more accessible to rural residents have been jointly published by five Chinese regulating bodies including the Central Bank and the Ministry of Finance.
The real fight for Chinese mobile payments isn’t taking place in China
Beijing announced its aim to make mobile payments within easy reach of its rural regions by the end of 2020. Guidelines (in Chinese) to make online financial services more accessible to rural residents have been jointly published by five Chinese regulating bodies including the Central Bank and the Ministry of Finance.
Cashless China: Would you use your face to pay?
Facial recognition payments system is the next big thing in China’s cashless payment trend, and using it is very convenient and easy for those who have already tried the system.
This is China: The cashless era is coming
In 2018, a record 277.4 trillion RMB had transacted via mobile payments and as of June 2019, there were 633 million online payment users in China. The leap from cash to mobile payments was accelerated by advanced technologies and a high mobile penetration rate in the country.
China’s great leap to wallet-free living
In China, cash is rapidly becoming a thing of the past. In this video, see how Alipay and WeChat Pay have become the mainstream mode of payment transactions in the Chinese city of Shenzhen, where people generally do not use cash for their daily activities at all.
China blazes trail in facial recognition payment systems
No money? No cards? No phone? No problem! Just smile to pay for your purchases at this self-service supermarket at Tianjin, China. Facial recognition payment systems have been rolled out in over 100 Chinese cities by tech-giant Alibaba and are both convenient and safe. The system is designed to read nodal points in human faces which act as one’s facial signature.
China: A digital payments revolution
Alibaba and Tencent have been the main drivers for digital payments via mobile apps in China, particularly with their successful tie-up with retail platforms. In 2017, 890 million unique mobile payment users made around $17 trillion transactions and over a third of consumer payments in China are now cashless.
Payment methods in China: How China became a mobile-first nation
In 2018, around 83 percent of all payments in China were done via mobile phones, and the recent pandemic appears to have boosted online and mobile payment transactions in May 2020. The article also includes tips on how a foreigner can use mobile payment methods to boost their businesses in China.
Digitizing the Chinese New Year
In 2014, a digital hongbao feature was introduced by Tencent, a Chinese multinational conglomerate, as an alternative to the traditional gifting of red packets filled with money by elders to young people during Chinese New Year. From 2014 to 2018, over 769 million people had used this application to send virtual red packets to families and friends during Chinese New Year.
The real fight for Chinese mobile payments isn’t taking place in China
Before the end of 2017, Chinese shoppers will be able to use Baidu’s digital app to make payments at PayPal’s 17 million merchants worldwide, in a tie-up between the American payment company and the Chinese tech giant.
China sets up clearing house for online payment services like AliPay and Tenpay
China has set up a national clearing house for banks and online payment systems in order to route transactions starting from 30 June 2018. This move will help regulators track and monitor the capital flows from online transactions thereby creating a safer Internet payment environment for consumers.
Take a tour of a Hema Supermarket and experience “new retail”
This video introduces the Hema Supermarket in Shanghai, Alibaba’s “new retail” concept that merges online and in-store shopping to provide a seamless and more efficient shopping experience for consumers. Shoppers only need to download a mobile app and use their mobile phones to do the shopping by scanning barcodes to get instant product information.
Source: Alibaba Group
Last updated on Oct 2020
