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(Xinhua file photo: An employee demonstrates China’s digital yuan payment at the first global digital trade expo in Hangzhou, east China’s Zhejiang Province, Dec. 12, 2022.)
LONDON, July 10 (Xinhua) — Kent Matthews, a lecturer at the Department of Banking and Finance, recently UK Cardiff University In an interview with China’s Xinhua news agency, China is moving towards becoming the world’s leading cashless transaction country. The share of total cash in circulation in China has dropped to 3.7 percent and is steadily declining.
Matthews said people use cash today much less than they did 10-20 years ago. The cashless society is thriving without stopping. The share of total cash in circulation in the UK is now around 2.9 per cent, while China can close the loophole. (Compared to the UK) in terms of a cashless society impressively quickly in less than 20 years.
(Xinhua file photo: Digital Yuan Payment Card at the Financial Services Exhibition) China International Service Trade Fair 2022 in Beijing Capital of China, Sept. 4, 2022)
This reflects the rapidity of cashless transaction and payment technologies moving in China and the rapidity of Chinese society’s adoption of a cashless society. Matthews added that he wouldn’t be surprised if the share of cash use in China drops below 2 percent of total cash flow over the next five years, given the rapid adoption of technology in China.
Matthews also recalled a visit to China where he used his mobile phone to buy mangoes from a street vendor for a few yuan. Makes him see that technology in China is very advanced. compared to other parts of the world, in connection with the transition to a digital economy.
Matthews was intrigued to see people in China who he expected would prefer cash: the elderly, small shopkeepers. and street vendors Use mobile phones to transact more than cash. This makes China the world’s epitome of digital payments and reflects the fact that age is no barrier.
However, Matthews believes that no country can ever be completely cashless because cash is always needed. And it is impossible for any government to enact a law to abolish the use of cash.
(Xinhua file photo: An employee shows digital yuan payment via mobile phone at the 1st China International Consumer Goods Fair in Haikou, south China’s Hainan Province, May 8, 2021. )
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2023-07-10 11:31:59
