In 10 years China could become cash-free society

Almaty. August 9. Silkroadnews – In 10 years China could become the first cash-free society, China news information portal reported.
The report says, China is marking its third “Cashless Day” and for ten years the country, which is expected to become the world’s first cash-free society, has been making efforts to change the current legislation to ensure more security for online payments.
It is explained that “Cashless Day” was proposed in 2015 by Tencent, which provides payments through the mobile application WeChat. By such actions the company tries to prove that a life free from cash is much more convenient and comfortable.
According to publication, people in China start using cashless frequently. A recent report from the China Internet Information Center shows that, as of December 2016, 50.3% of all the payments made in regular stores were made through mobile applications.
Nevertheless, the publication notes that a growing number of online payments also caused problems with the security of such non-cash payments, including invasion of privacy, theft of personal data, etc.
It is reported that Chinese experts suggest the government to solve the problem of safe online payments at the legislative level.
Meanwhile, the Chinese news agency Xinhua reports that Alipay and Wechat Pay, two major mobile payment applications, also campaigned to promote non-cash payments.
CGTN reported that Wechat Pay carries out “Cashless Day” campaign from August 8 till the end of the month, allowing users to share their awards and bonuses with friends through the application and giving sellers opportunity to attract more customers.
The key competitor of Wechat Pay, Alipay also carried out promo-campaigns Cashless City Week from August 1 to 8. Alipay allowed its users to receive rewards on their Alipay accounts, making mobile payment for goods in regular stores. It is reported that more than 10 million merchants have joined the advertisement.
According to data published by the Chinese Internet Network Information Center (CNNIC), China has more than 500 million users of mobile payments, and nearly 400 million users make payments from their smartphones when purchasing in regular stores.
As of the end of 2016, the market shares of mobile payments Alipay and Wechat Pay was 54% and 37% respectively.
According to CNNIC, by the end of June 2017 there were 724 million mobile phone users in China. More than 35% of them often make mobile payments, while nearly 31.8% still prefer cash or credit cards.
Non-cash payment has become popular among older users. In Cashless City Week participation of users over the age of 50 increased tenfold compared to the same period last year. At the same time, the number of mobile payment transactions in Alipay also increased nine-fold during the week of the promo week.