Tuesday
January 8
2019

In China, cash is no longer king

By Hiroshi Murayama

As more shops and restaurants in China move toward only accepting smartphone payment services such as Alipay, the elderly, visitors from overseas and people from rural areas who are unfamiliar with or lack access to these systems are running into problems paying with cash or credit cards.

A cashless society has many advantages, including lower transaction costs. But it also creates a divide between those who can make cashless payments and those who cannot.

The case of Hema, a futuristic supermarket chain specializing in fresh food, illustrates the problem.

Photo courtesy of Ava Systems.

Source: Nikkei Asian Review (link opens in a new window)

Categories
Finance
Tags
cashless, digital payments, financial inclusion, fintech, mobile money