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News Link • China

China Has Killed Cash With Ubiquitous e-Payment Systems

• https://www.technocracy.news, By: Daniel Ren

In major Chinese cities, paying by paper money is all but dead thanks to the convenience of mobile payment, which has now surged to US$5 trillion in the mainland.

Ask Lin Nianbao, owner of Ruyi Restaurant that sells noodles, dumplings and rice dishes on Shanghai's Lancun Road. Lin is now a firm supporter of the country's rapid pace of digitalization, where e-payment and online food delivery services have helped his business grow and thrive.

"Cash is no longer needed in running the restaurant," he said. "It is a fast-changing business world as mobile phones begin to dominate people's life."

Until 2015, Ruyi used to collect cash from all its customers, but e-payments through WeChat Pay and Alipay now account for more than 70 per cent of its total transactions, or about 10,000 yuan (US$1,515) a day.

"This is a typical disruptive technology," Lin said. "It forces us to learn how to better use the apps to develop our businesses."

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