Carrying cash no longer necessity of life in China


Most netizens in China surveyed for a new study said carrying cash was not a necessity of life any more, as portable and online payment platforms in China are flourishing. The findings are part of an investigation by Beijing Youth Daily released on Monday.


The investigation of cash usage in China found that 70% of netizens don't think cash is needed on a day-to-day basis anymore. 27-year-old Miss Ye told reporters that she has become accustomed to going out without taking cash as she combined credit cards with Alipay and Wechat payment. A 40-year-old housewife surnamed Li said that online payment can keep a record of where she had spent her money and now it really takes a long time for her to spend 1,000 yuan (USD145). A 70-year-old man surnamed Chen said with the help of his child, he has mastered how to pay through his cellphone and thinks it's very convenient.

Despite the changing payment options, "cashless" is still not seen as a legitimate option in society for the time being.

Pan Helin, post-doctoral student in economics from the Chinese Academy of Fiscal Sciences, said that internationally the word "cashless world" has existed for 25 years, but for now there is no country that is truly a "cashless society". He further explained that "a cashless society has an economic mode where electronic payment is primal and the frequency to use cash by people is low".

Meng Tian, researcher in Shanghai University, said that a "cashless society" in China would be realized in a different way compared to developed countries in Europe and America. "Compared with developed countries, Chinese citizens are more likely to use cellphones to pay."

With the development of the Internet in China in recent years, third party payment platforms have flourished. However, since the overall economic system in China is not mature enough, the market in portable payments is greater in China compared to other options like credit cards.

Gao Jie, associate professor from the School of Banking and Finance, University of International Business and Economics, said that cellphone-related payment options have brought great convenience, and innovative products in this sector in China lead in the world.

According to an estimation report by iResearch, in 2016, the scale of third party payment in China reached 38 trillion yuan (USD5.5 trillion), which is 50 times higher compared with America.

According to statistics from Alipay, Alipay is available in over 2 million restaurants, shopping centers and stores in China. Tickets can be booked in over 20,000 stadiums, and tickets for tourist spot can be booked in over 30 provinces and 120 cities by means of Alipay nationwide. Alipay is available in all main registration platforms in over 3,000 hospitals in China.


Portable payment in both urban and rural areas of China is popular and promising. The rate of cellphone ownership is high in rural areas of China. As portable payment is open to all, it meets the needs of people in rural areas where a leap of development is conducive to happen.

There are over 700 million netizens in China. According to Meng Tian, in five to ten years' time, cashless payment will become the primal payment means in Chinese society. However, he also mentions the importance of government guidance and setup of infrastructures.

Yu Chun, CPPCC member and a bus driver in Hangzhou, suggested that government can give great support in realizing a cashless society.

An experience of a cashless society in Beijing with Yu Chun

On March 9, 2017, CPPCC member Yu Chun came to the streets of Beijing for a "cashless experience".

Station One: Hospital registration via cellphone

Yu Chun came to Peking University First Hospital at noon. She asked staff whether registration can be done via cellphone. Yu Chun got a yes and was told it can save her at least half an hour for waiting for registration in a queue.

Station Two: Ofo bicycle-sharing

Yu Chun then came to Shichahai, one of the most famous tourist spots in Beijing. Some Ofo bicycles caught the attention of Yu Chun. A staff member told her that as long as her Zhima Credit surpasses 600, there is no need for deposit to use Ofo bicycle.

Station Three: Portable payment available in almost all stores in Beijing's oldest street

Riding a bicycle, Yu Chun came to Yan Dai Xie Jie, one of the oldest streets in Beijing. She found that 95% of the stores on the street have cashless payment, even for a piece of sugarcoated haws on a stick.

Key Words: Life in China, Lifestyle, Paying by cash

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