Showing posts with label cash. Show all posts
Showing posts with label cash. Show all posts

Wednesday, May 01, 2024

China: Not yet fully cashless – Sara Hsu

 

Sara Hsu

Cashless payments have become mainstream in China, but cash is still valuable and the government supports cash payments, says financial expert Sara Hsu, an associate professor at the University of Tennessee, specializing in supply chain management in the Guardian. A “[recent] directive pushes China’s policy of inclusive finance further to ensure that both elderly Chinese and foreigners can participate in economic transactions,” says Hsu.

The Guardian:

For most people it’s simple enough, but using them usually requires a Chinese bank account, or providing extensive identification to connect to a foreign account – if the foreign bank allows it.

The hegemony of this system can also make life difficult for China’s citizens who don’t have the level of technological literacy required for the modern world.

“China is one of the top countries for using cashless payment systems, but penetration is not 100%,” says Sara Hsu, an associate professor at the University of Tennessee, specialising in supply chain management.

“Elderly Chinese still often prefer to pay with cash and some struggle with using mobile payments.”…

Then, last week, the PBOC together with several ministries issued a joint notice requiring local commerce authorities to ensure retailers and hospitality venues in key business and tourist districts were fully equipped to take foreign payments, and that retailers linked to people’s daily lives – including markets, breakfast shops and pharmacies – could take cash.

“The situation has improved to some extent, but this [recent] directive pushes China’s policy of inclusive finance further to ensure that both elderly Chinese and foreigners can participate in economic transactions,” says Hsu.

More in the Guardian.

Sara Hsu is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more fintech experts at the China Speakers Bureau? Do check out this list.

Monday, October 16, 2017

Moving to a cash- and cardless society - Andy Mok

Andy Mok
China has all but abolished cash and bank cards, and the rest of the world might be following fast. CBS talks to economist Andy Mok. China had no good working banking system, and moved fast to mobile payment, but the rest of the world might follow soon.

Andy Mok is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

Are you looking for more experts on e-commerce at the China Speakers Bureau? Do check out 
this list. 

Thursday, May 11, 2017

China: going fully cashless - Ben Cavender

Ben Cavender
China might have invented the paper money, it is most likely also the first one to go fully cashless, says retail analyst Ben Cavender to Motherboard. "People basically run their lives through smartphones in China."

Motherboard:
Last month China Tech Insights released a report after polling Chinese WeChat users, that again underlined the rise of mobile payments. It found that in 2015, 65 percent of users spent less than 500 yuan ($73) a month through WeChat Pay, but in 2016 the figure had dropped to under 40 percent. Forty-five percent of users said they used WeChat Pay because they didn't carry cash, with around 60 and 55 percent saying they used it because it was "fast" and "easy" respectively. 
"People basically run their lives through smartphones in China," said Ben Cavender, senior analyst at Shanghai-based China Market Research Group. "If you compare the US to China in terms of how people access the internet, China is much more heavily slanted toward smartphones. People are already spending so much time on their smartphones; it's logical for them to have the tools they need in one place."
More in Motherboard.

Ben Cavender is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

Are you looking for more speakers on fintech at the China Speakers Bureau? Do check out this list.