Cash is already pretty much dead in China as the country lives the future with mobile pay
Mainland Chinese stores and services are increasingly centered around mobile pay apps like WeChat Pay and Alipay.
Chinese mobile payment volume more than doubled to $5 trillion in 2016, according to Analysys data cited by Hillhouse Capital.
Mobile pay is growing so rapidly in mainland China that as a foreigner, I sometimes found it difficult to complete basic transactions without it.
The dominance of mobile transactions lends itself to greater data collection by the Chinese government.
[–]standswithpencil 4561 points 3 days ago
Cash is not dead in China. Total hype headline. It's true that epaying is widespread and increasing, but this reporter seems to just stick to major cities like Beijing and not know that cash is essential in the countryside and small towns. Typical foreign journalist basing their experience in the trophy cities while ignoring what China is like in the rest of the country
[–]kar639 678 points 3 days ago
So true. Cities of more than 2 million people are still cash only in many parts of northern China.
[–]krakenftrs 147 points 3 days ago
It's changing fast though. Basicly all they need to get wechat payments is a sticker with their QR on the booth. Could use wechat and alipay to buy ice cream on roadside stops in Inner Mongolia last month. Granted those cater to tourists, but it's changing fast. No problem in Tonghua either.
[–]gootwo 51 points 4 days ago
Cash only for the train ticket machines in HK, which really surprised me when I was there recently (and was also really annoying, frankly).
[–]dijano 18 points 4 days ago
People use something called octopus in Hong Kong check it out
[–]Malkiot 12 points 4 days ago
I'm not sure I like cashless. In fact, I'm pretty sure I dislike the whole idea.
With a password it's too much of a hassle, without it's a security risk. Then there's the whole tracking thing.
So, no thanks.
[–]natebest2000 238 points 4 days ago
Is anyone else bothered by the control over finances that would come from a cashless society?
If the banks still maintain control over your balance what prevents them from implementing negative interest rates? Then you can't exactly withdraw your money in any physical form, right?
Sure it may be a paranoid idea and if you disagree with it, I'd rather I be wrong than you. I promise.
[–]Cell-i-Zenit 51 points 4 days ago
cashless will be cryptocurrency. Its decentralized and noone can force you go give out the money. The banks have no control.
[–]Aeroxin 116 points 4 days ago
This is one of the problems cryptocurrency directly solves and one of the reasons it is increasing in popularity.