17 Jul '17, 3am

In urban #China, hardly anyone uses cash anymore

SHANGHAI (NYTIMES) - There is an audacious economic experiment happening in China. It has to do with cash - specifically, how China is systematically and rapidly doing away with paper money and coins. Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay - the two smartphone payment options - before bringing up cash as a third, remote possibility. Just as startling is how quickly the transition has happened. Only three years ago there would be no question at all, because everyone was still using cash. Get The Straits Times newsletters in your inbox Sign Up "From a tech standpoint, this is probably one of the single most important innovations that has happened first in China, and at the moment it's only in China," said Richard Lim, managing director of the venture...

Full article: http://www.straitstimes.com/asia/east-asia/in-urban-china...

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