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China’s Online Payment Market 2024

Posted: Sun Dec 22, 2024 5:39 am
by yamim222
Online Payments in China
When we last tackled this subject in 2017, China was attempting to move towards a cashless society as it gradually got rid of services that only allowed paper money.

Seven years later, the initiative has run into issues, particularly qatar whatsapp number with visiting tourists and how they spend their money in China.

Nevertheless, the country is still far ahead in integrating online payment mechanisms than most other countries. The below charts are for 2024.


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But why is China pursuing this?
Like other countries, moves to get rid of paper money are seen as a way to reduce crime. Although China’s opening up to the world in the 1980s allowed it to become the economic behemoth it is today, the past decades saw a rise in crime.

This has decreased over the past 10 years, possibly due to the evolution of online payments.

Unlike paper money, electronic payments can be tracked, and while a thief can steal a person’s phone from their pocket (like a wallet), they still need a password or fingerprint to unlock the device.

Besides safety, Chinese citizens love convenience.