(People's Daily Online)
A news broke out recently that two men raided the cashiers in three convenience stores in east China’s Hangzhou city and got merely $260 (RMB1800) in cash. “Don't they know that we all use mobile payments now? It won't be easy to mug people for cash.” The story was roasted by Chinese netizens.
The news shows how popular mobile payments are in China. Using cash in a purchase is now rare to see in China. Statistics shows that the Chinese third-party mobile payments volume in 2016 has reached USD 8.4 trillion (RMB57.9 trillion). If you live in China, then you don’t need to bring cards or cash with you when you go out. As long as you have a smartphone, you can easily make purchases at street fruit stands, in restaurants, in convenience store, and on taxi.
China's mobile payments are also going abroad. Alipay and Wechat Pay have been widely accepted across Thailand, from small street vendors in Chiang Mai to large duty free shops in Bangkok. If you need to pay in any other currency, say British Pound, U.S. dollar, Japanese Yen, Canadian Dollar, Euro, or South Korean Won, you can also easily make the “exchange” in your Apps. China is also strengthening the protection of data privacy and financial security in these digital payments in order to make “grab your phone and go wherever you want” more carefree.
(This commentary is from the editorial board of the People's Daily)