- Just as overseas luxury stores have hired Mandarin-speaking staff to serve Chinese tourists, more tourist destinations may feel the need to accept Chinese mobile payment such as Alipay and WeChat Pay.
- Three-fourths of supermarkets and convenience stores in Singapore, Malaysia and Thailand now accept Chinese mobile payment, according to a Nielsen survey released Monday in cooperation with Alipay.
- The adoption rate has increased rapidly in the last two years, and last year more Chinese tourists used mobile pay abroad than cash, the report said.
There are more ways to pay for goods and services now than ever before, and as such paper money seems increasingly old-fashioned.
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
SHANGHAI — There is an audacious economic phenomenon happening in China.
It has nothing to do with debt, infrastructure spending or the other major economic topics du jour. It has to do with cash — specifically, how China is systematically and rapidly doing away with paper money and coins. Continue reading… “In Urban China, cash is rapidly becoming obsolete”