The Cashless Policy System is a Reality in China.

Having a cashless society is something a lot of people wish to have, a type of society that allows people to pay for the products purchased without making use of cash, a city in China is almost getting to the point of going completely cashless.

In a city called Shenzhen in China, the WeChat and Alibaba mobile application is used for payment on goods purchased, paying with translatable QR codes is not an option in this city because most business places do not accept cash or credit cards. Every restaurant, every office space and even transportation means has a Q. R code for everyone to scan which makes payment much easier.

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The method of using mobile phones to pay for goods is highly possibly in China because a lot of citizens can get mobile phones at an affordable price which makes it even more convenient for the system to work better, looking at it logically this is almost impossible in countries where the citizens are finding it difficult to afford a good mobile phone.

The Chinese people are getting convenient with running a cashless policy and having more money in their account than they have at hand, mobile transactions getting added to applications like the WeChat and the Alipay is accessible by almost everyone. Apple has an online payment method also but has not been able to hit the market like the WeChat and the Alipay because it came rather late and a lot of people in China are comfortable with their home applications where WeChat is a place for people to get access to their goods online by the method of an online Facebook streaming system.

Life seem to be more convenient for those living in this part of the world because they can have basically anything delivered to the front of their homes without any issue, phone storage space on their mobile devices is also not an issue because the application deletes itself after it is being used, also found out it does not require any downloads or installation to get back to the mobile device which is really amazing.

Data privacy does not appear like a big deal to China citizens as they do not mind that those applications are getting complete access to their personal date, the Alipay and WeChat payment options has access to almost everything data related with their citizens and this helps them provide better services as they know what else the citizens need.

Reference

Straitstimes

Wealth Advisor