In Urban China, Cash Is Rapidly Becoming Obsolete - The New York Times


51 bookmarks. First posted by gmakris 9 weeks ago.


"Almost everyone in major Chinese cities is using a smartphone to pay for just about everything," Paul Mozur writes. "At restaurants, a waiter will ask if you want to use WeChat or Alipay -- the two smartphone payment options -- before bringing up cash as a third, remote possibility." A friend of Mr Mozur's illustrated the immersive impact of mobile payments. She left her ATM card in the machine and didn't miss it for three weeks, until the bank called to tell her. "Mr. Lim said that according to recent data, Ant Financial and Tencent were set to surpass credit card companies like Visa and Mastercard in total global transactions per day in the coming year. The key is that both companies are able to provide payments on the cheap, partly by allowing smaller vendors to make use of a simple printout of a QR code or their phone, instead of an expensive card reader. A back-end system that stores a record of user accounts, instead of having to communicate with a bank, also keeps costs down."
3PW 
7 weeks ago by lafgrp
In Urban China, Cash Is Rapidly Becoming Obsolete - Added July 18, 2017 at 08:17PM
7 weeks ago by keldlundgaard
In Urban China, Cash Is Rapidly Becoming Obsolete
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7 weeks ago by kejadlen
Business Day Image A Shanghai clothing market that allows customers to pay using the apps Alipay and WeChat. Credit Yuyang Liu for The New York Times SHANGHAI —…
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8 weeks ago by blenderking
In Urban China, Cash Is Rapidly Becoming Obsolete http://mrjoe.co/2uQ9RzN and it's all about the QR code.
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8 weeks ago by mrj0e
Bezahlen mit Handy ist in chinesischen Großstädten so verbreitet, dass selbst Straßenmusiker einen QR-Code in ihren Hut legen, damit man ihnen Geld spenden kann.
ski 
8 weeks ago by clabeck
Across the country's cities, the rapid growth of mobile payments is making cash all but obsolete.
fintech 
8 weeks ago by lsrgt
In Urban China, Cash Is Rapidly Becoming Obsolete
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8 weeks ago by Baptiste
via Feedbin Starred Entries for joewiz@gmail.com
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8 weeks ago by joewiz
Advertisement Business Day Image A Shanghai clothing market that allows customers to pay using the apps Alipay and WeChat. Credit Yuyang Liu for The New York…
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8 weeks ago by jrdodds
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8 weeks ago by stinkingpig
SHANGHAI — There is an audacious economic phenomenon happening in China. Now in Japan those flip phones, which are still being used, are called Galápagos phones because they evolved perfectly for an isolated environment.
Archive  Pocket 
8 weeks ago by arturogoga
Some Scandinavian countries have also weaned themselves from cash but still use cards frequently. In China, the change has been to phones. One friend didn’t realize how reliant she had become on mobile payments until her bank called her. She had left her A.T.M. card in the machine three weeks earlier and had not noticed its absence.
china  business 
8 weeks ago by micktwomey
China cashless everywhere
china  cashless  jade 
8 weeks ago by traggett
Fascinating. "Some Scandinavian countries have also weaned themselves from cash but still use cards frequently. In China, the change has been to phones. One friend didn’t realize how reliant she had become on mobile payments until her bank called her. She had left her A.T.M. card in the machine three weeks earlier and had not noticed its absence. In practical terms, this means Tencent and Alibaba’s financial affiliate, Ant Financial, the two Chinese internet companies that run WeChat and Alipay, respectively, are sitting atop a gold mine of staggering proportions. Both companies can make money off the transactions, charge other companies to use their payment platforms and all the while collect the payments data to be used in everything from new credit systems to advertising. Mr. Lim said that according to recent data, Ant Financial and Tencent were set to surpass credit card companies like Visa and Mastercard in total global transactions per day in the coming year. The key is that both companies are able to provide payments on the cheap, partly by allowing smaller vendors to make use of a simple printout of a QR code or their phone, instead of an expensive card reader. A back-end system that stores a record of user accounts, instead of having to communicate with a bank, also keeps costs down."
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8 weeks ago by dgalloway
from Daring Fireball

Paul Mozur, writing for The New York Times:

Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.

Just as startling is how quickly the transition has happened. Only three years ago there would be no question at all, because everyone was still using cash.

 ★ 
ifttt  daringfireball 
8 weeks ago by josephschmitt
Paul Mozur, writing for The New York Times:

Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.

Just as startling is how quickly the transition has happened. Only three years ago there would be no question at all, because everyone was still using cash.

 ★ 
via:daringfireball 
8 weeks ago by rufous
I PREFERRED DEALING IN STACKS OF HUNDREDS WHEN I LIVED THERE
china 
8 weeks ago by maoxian
SHANGHAI — There is an audacious economic phenomenon happening in China. Now in Japan those flip phones, which are still being used, are called Galápagos phones because they evolved perfectly for an isolated environment. via Pocket
Pocket 
8 weeks ago by driptray
Across the country's cities, the rapid growth of mobile payments is making cash all but obsolete.
cash 
8 weeks ago by my-flow
SHANGHAI — There is an audacious economic phenomenon happening in China. Now in Japan those flip phones, which are still being used, are called Galápagos phones because they evolved perfectly for an isolated environment.
8 weeks ago by bloodyamazing
Kina ligger i framkant för det kontantlösa samhället – precis som vi – men där är det bara mobilen som gäller:
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8 weeks ago by Aetles
RT : Americans discover places with functional payments systems is a niche but good genre of article.
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9 weeks ago by singlecelled
Advertisement Business Day Image A Shanghai clothing market that allows customers to pay using the apps Alipay and WeChat. Credit Yuyang Liu for The New York…
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9 weeks ago by derekbrown
Cash is rapidly becoming obsolete in China.
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9 weeks ago by andyhoward
In Urban China, Hardly Anyone Is Using Cash Anymore via Instapaper http://nyti.ms/2vbbZ2x
Advertisement Business Day Image A Shanghai clothing market that allows customers to pay using the apps Alipay and WeChat. Credit Yuyang Liu for The New York…
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9 weeks ago by patrick
Advertisement Business Day Image A Shanghai clothing market that allows customers to pay using the apps Alipay and WeChat. Credit Yuyang Liu for The New York…
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9 weeks ago by loganrhyne
In Urban China, Hardly Anyone Is Using Cash Anymore - w must read story.
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9 weeks ago by peterood
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.

Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.

Just as startling is how quickly the transition has happened. Only three years ago there would be no question at all, because everyone was still using cash.
apac  payment  trends  mobile 
9 weeks ago by dancall
RT : "Sorry WeChat or Alipay only" is becoming the new "sorry cash only" in Chinese urban centers
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9 weeks ago by dalcrose
In Urban China, Hardly Anyone Is Using Cash Anymore // in just 10 years. When we lived there *everything* was 💴💵🏧
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9 weeks ago by jukkan
RT : Want to show how out of touch you are in China? Take out a wallet. On China's massive switch to mobile payments:
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9 weeks ago by Cmacmurchy
Want to show how out of touch you are in China? Take out a wallet. On China's massive switch to mobile payments:
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9 weeks ago by bob