Showing posts with label mobile payments. Show all posts
Showing posts with label mobile payments. 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.

Tuesday, January 21, 2020

China spends 20 times more on mobile payments vs the US - William Bao Bean

William Bao Bean
The US is catching up to China, VC-veteran William Bao Bean jokes at AppsFlyer's MAMA Minsk 2019 about the mobile payments in both countries. The US spends 50 billion US dollars per year on their mobiles, Chinese 12.5 trillion US dollar.

William Bao Bean 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 innovation experts at the China Speakers Bureau? Do check out this list.

At the China Speakers Bureau we have started to explore WeChat Work as a social platform, next to Twitter, Facebook and LinkedIn. Are you interesting in following us on this journey? Check out our instructions here.

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, March 03, 2016

Are mobile payments killing traditional banks? - William Bao Bean

Did Facebook become a WeChat clone? – William Bao Bean
William Bao Bean
600 Million Chinese internet users use their mobile phone to pay, and increasingly they use not the traditional banks and credit cards, but newcomers in the industry. Innovation expert William Bao Bean discusses what will happen to the traditional banks when mobile payments advance also outside China.

William Bao Bean 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 innovation at the China Speakers Bureau? Do check out this list.  

Read here what eight Chinese innovations can disrupt your industry in 2016.