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Will mobile payment replace cash in China?

(People's Daily Online)    15:11, January 04, 2019

(Photo/Chinanews.com)

Over 20 percent of Chinese mobile users think digital payment will replace cash transactions in the future, while nearly 50 percent believe the two will continue to co-exist, according to a report released by the Payment and Clearing Association of China.

The report also found that 89.1 percent of the users are happy to pay using a QR code, while the remaining 10.9 percent refuse.

When it comes to taking public transport, nearly 40 percent of the users pay for their tickets by scanning a QR code, while 33 percent use the mobile phone (NFC) system, and 23 percent pay with bank or travel cards.

Last year, over half of users called for better mobile payment applications for public transportation, hospitals, and expressways, and over 40 percent wanted better mobile payment apps for parking services and utility bills.

Security concerns are also rising as mobile payments continue to soar in popularity. Eighty-one percent of users worried about their personal information being leaked. Seventy percent considered that they may accidentally scan a fake QR code. 67.5 percent feared that using mobile payments could leave their bank accounts prone to theft. Over 40 percent chose not to send their payment codes to others.

Such concerns require market players to take more effective measures to strengthen the protection of users’ security and privacy.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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