China Goes Cashless

WeChat and Alipay will launch a number of promotions in August to encourage consumers to ditch their wallet and go cashless. The trend in China is increasingly moving towards cashless transactions. A report conducted by Tencent, the Chongyang Institute for Financial Studies at Renmin University of China and Ipsos found that some 84% of Chinese consumers are comfortable going out with their mobile phones instead of cash. “Mobile payment companies were worried about their future just four years ago, but the spread of technology has exceeded the imagination of almost everyone,” states Li Gang, a Professor at the Tencent Research Institute.

Shanghai Business Review is the leading English language website and print magazine for business leaders conducting business in China.