国内英语资讯:China Focus: Cashless trend takes hold in China_时事

国内英语资讯:China Focus: Cashless trend takes hold in China

A BIG CAKE

The new payment pattern has won over Chinese consumers with its convenience and flexibility, squeezing the market share of card and cash payments.

"Alipay or WeChat?" This is the most often question posed up when a purchase is made in China. Cards and cash, the once dominant purchasing methods, have become a second option in less than half a decade.

"Mobile payment companies were worried about their future just four years ago, but the spread of technology has exceeded the imagination of almost everyone," said Li Gang, a professor at the Tencent Research Institute.

Data from the People's Bank of China showed a total of 157 trillion yuan of payments were made on mobile devices in China last year, more than 200 times that in the United States in the same period. The figure is expected to continue expanding by 50 percent each year, it said.

NO BIG SURPRISE

It is no accident that mobile payment have expanded so fast in China. According to a report by eMarketer, China's lack of "credit card culture" has somewhat fueled the popularization of mobile payments, especially in small cities and underdeveloped areas.

In a remote mountain village of central China's Hunan Province, one can easily buy a hen or groceries by scanning a QR code.

Payment and Clearing Association of China said in a report that mobile payment users in small towns and the countryside account for half of the total in China. The percentage of mobile payment users in the countryside is even higher than in provincial capitals.