China ushers world into cashless payment era     02/07/2018 11:31

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Leading without even noticing, Chinese people living in Tang Dynasty roughly a thousand years ago were among the first in the world to use banknotes. A millennium later, the country has once again taken the lead in a global transaction trend, but this time, China may become the first country to phase out cash.

China’s increasing global economic status and favorable policies have led to the fast development of an almost-cashless society. According to Statistics from the Payment and Clearing Association of China, from 2013 to 2016, the number of transactions made through non-banking mobile apps increased from 3.777 billion to more than 97 billion, with a compound annual growth rate of over 195 percent.

The new payment trend has also caught global attention. Following debut of China’s major cashless payment platform Alipay in Israel in January, the service has expanded to 38 countries and regions, helping over 280 million foreign users to enjoy the convenience of cashless payments.

“This alliance with the leading global brand Alipay constitutes a significant step forward in the credit sector, which will increase clientele for Israeli businesses and expose them to a new market," said Doron Sapir, CEO of the Israel-based credit card issuer Israel Credit Card Ltd., in a statement.

来源:People's Daily Online     Editor:容艳君