{"id":433,"date":"2020-04-03T08:08:44","date_gmt":"2020-04-03T08:08:44","guid":{"rendered":"https:\/\/waterpig.life\/?p=433"},"modified":"2020-04-03T08:09:31","modified_gmt":"2020-04-03T08:09:31","slug":"welcome-to-the-digital-empire-ready-to-go-cashless","status":"publish","type":"post","link":"https:\/\/waterpig.life\/?p=433","title":{"rendered":"Welcome to Digital Empire: Ready to Go Cashless?"},"content":{"rendered":"\n
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Photo by Jonas Leupe <\/figcaption><\/figure>\n\n\n\n

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When you plan a trip overseas, you will perhaps check the validity of the passport first. Next is to exchange cash for the local currency. Money exchange can be a hassle as you have to physically go to an exchanger at an airport or a local shop at the destination. Varied currency rates add another botheration, and security is also a concern.<\/p>\n\n\n\n

CASH IS GOING OUT OF FASHION
\nIn China, the circumstances surrounding the payment have been changing from traditional banknotes to digital currency with incredible speed. Believe it or not, cash is going out of fashion. You can pay with WeChat, the ubiquitous social media and messaging app, on your smartphone instead of handing in traditional paper money. Virtually any place accepts digital payment now. From a fancy Mishline rated restaurant in a five-star hotel to even a street vendor where you can enjoy the local delicacy of BBQ skewers. Farmers at a fresh market also accept electronic payment. Not surprisingly, some stores no longer take cash. <\/p>\n\n\n\n

GOVERNMENT PROMOTE DIGITALIZED ECONOMY
\nThe digital economy is fundamentally changing the way we live as well as how the industries operate. The digitalization process in business lowers the cost of storing, distributing, and analyzing data. It affected how consumers behave, how trades work, and how governments operate. Undoubtedly, China is one of the leading pioneers in the field of financial technology. <\/p>\n\n\n\n

The central government is promoting the digitalization of public services such as tax payment, utilities, booking train and flight tickets, etc., and local governing bodies are moving steadfastly with the audacious plan. In the city of Shenzhen, “the Chinese silicon valley”, some districts started issuing electronic receipts, a bold attempt to reduce paper waste and to improve economic efficiency. <\/p>\n\n\n\n

As is often the case, the digitalization doesn’t just bring advantages, and it is associated with new challenges. There is a concern that introducing artificial intelligence (AI) and robots will replace workers in factories. In banking industries, some of the jobs like back-office operations are likely to be conducted by machines instead. Issues concerning cybersecurity and data privacy are of deep concern as well. Convenience is often on the opposite end of the security slider.<\/p>\n\n\n\n

CHINESE UBER AND FOOD DELIVERY SERVICE
\nIf you want to hire a taxi, you can download the Chinese Uber called DiDi. It provides the same service like Uber, and the platform deducts the fee from your e-wallet on your smartphone. You don’t have to worry about having enough cash in your wallet. <\/p>\n\n\n\n

When you get hungry, you could order food through a food delivery service Meituan, the Chinese Uber Eats. Your fried rice and soup will be delivered to your door in a matter of 30 minutes or so. During the Chinese Lunar New Year, Chinese people send relatives or friends the so-called red pocket or “lucky money.” Now they do so electronically on WeChat instead of handing the paper envelope face-to-face.<\/p>\n\n\n\n

WECHAT HAS 1 BILLION USERS
\nWeChat Pay and AliPay are the most popular online payment services in China. The Chinese tech giant Tencent runs the WeChat platform, which holds over 1 billion monthly active users. And, China’s e-commerce rival Alibaba provides similar service Alipay, which occupies about 30% of the market share. Online transaction volume for 2019 stood at 2.69 trillion RMB in China, a staggering increase compared with 505 billion RMB a decade ago.<\/p>\n\n\n\n

Both services are similar to LINE or Pay Pay, Japanese third-party online payment services. One of the differences is that Chinese e-payment service covers more spectrums of the places, including some foreign countries wherever you see Chinese tourists. It might startle you if you find a toy crane at a game arcade in Osaka accepts Wechat Pay.<\/p>\n\n\n\n

NOW AVAILABLE FOR INTERNATIONAL TOURISTS
\nThe e-payment service the two giants offer is primarily prepaid. Unlike credit cards, users need to top up cash values from bank accounts. International tourists could not enjoy the convenience of mobile payments in China until recently, as it required having a local Chinese bank account and a phone number. However, since December 2019, both WeChat and Alipay simultaneously launched the service for international travelers with limited functions. <\/p>\n\n\n\n

This international service is available for 90 days. Users can link the credit card with either app without opening a Chinese bank account. A mobile number elsewhere also meets the requirement. If you have the remaining values, it will be refunded afterward. Now you can go explore China without needing to carry loads of cash. For the details, you may want to check their official websites because WeChat and AliPay offer slightly different deals. <\/p>\n\n\n\n

Last but not least, having some hard cash is still a safe bet. For the technology to work perfectly in the digital environment, internet access is taken for granted. Having said that, you could easily find a local sim card for your smartphone, whether at an airport or a train station. <\/p>\n","protected":false},"excerpt":{"rendered":"

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