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China: A Cashless Society?

Alipay plans to make China a cashless country within five years

*LiangHui: In March every year, there are two national political events in Beijing, the Chinese capital. One is the National People’s Congress, which is a gathering of the nation’s top politically influential organizations, and the other is the Chinese People’s Political Consultative Conference, during which a policy advisory body. During this period, China’s goals for growth and directions in which the government will pursue reform are announced. Their most important feature is that these declarations are linked to concrete actions as the government consults with the main stakeholders in each affected industry before making the declarations rather than just making a one-time announcement based on political whim.
Conference of Cashless Alliance’s Conference in Fuzhou

▍Alipay: Biometric Payments beyond Just Mobile Payments

The main Chinese mobile payment services are Alibaba’s Alipay and Tencent’s WeChatPay. Together, the services account for 90% of the market. There are many other payment services sponsored by public or large corporations, such as Unionpay, Jingdong, Xiaomi, and so on, which make up the remaining 10%.

Chinese cashless society development process. Source : iResearch

▍New Retail (新零售) is promoting a cashless society by digitizing offline shops

Hemaxiansheng (盒马鲜生), Wanda (万达), Riso, Bingo Box (宾果盒子), etc. In the meantime, many brands of smart convenience stores have begun employing QR code payment systems instead of cash payments, which serves as an example of the new retail ecosystem.

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JS Liu

科技圈深度观察, interested in AI, Ecommerce, Fintech, Chinese tech