China Is Rapidly Abandoning The Habit Of Paying Cash.

British media say China is rapidly abandoning hundreds of years of carrying boxes of cash. payment The habit of virtual payment is faster than any other country in the world.

According to the British newspaper website reported on March 6th, the data released by the people's Bank of China showed that the popularity of non cash payment instruments such as debit cards, credit cards and electronic wallet mobile applications rose sharply. Bank cards in circulation reach an astonishing 4 billion 200 million, and each mainland has at least three.

The number of Chinese debit cards (3 billion 800 million cards) is nearly ten times that of credit cards (391 million copies), but the issuance of credit cards also increased by 19% in 2013, the report said. In the next five years, the growth of credit card usage will be faster than any other card types, Overdue credit card debt, that is, outstanding credit card debt overdue for six months, has risen sharply by 72%, but this is different from American family debt: China's overdue credit card debt accounts for only 1.37% of all outstanding credit balances.

Gradually abandon cash This is especially important for the country that first started printing banknotes before 1000: until recently, cash was still popular in China, and even large purchases such as car buying were also carried out with large bundles of banknotes.

The paradox is that China is regarded as one of the safest countries in the world because of its low crime rate in the street and the large amount of cash it carries. Decades of poverty and imperfect social security have made the older generation of Chinese have a near morbid fear of debt, and they have tended to hold wealth in their hands.

But in a recent global survey, MasterCard found that China's transition from "cash to cash free" was faster than any other country under investigation, largely because of rapid urbanization and the government's policy to encourage non cash payments.

China's wealthy consumers who are familiar with the Internet are keen on using bank cards. A recent survey by Nelson showed that 71% of shoppers in China's first tier cities preferred to use bank cards instead of cash, while the average number of other surveyed countries was only 50%.

Zhang Yujia is the forerunner of giving up banknotes and changing bank cards. In fact, she was a preacher of credit cards and persuaded her parents to use their low bank cards that they did not catch cold.

Zhang Yujia managed to get his parents to accept the concept of credit card consumption. "They are not used to the concept of future money," she said. But under Zhang Yujia's influence, no matter milk, soy sauce or newspaper, her parents bought it with bank card. "They use fewer credit cards than I do," she said.

Her attempt was not limited to credit cards: during the recent Chinese new year, she sent a red envelope with virtual cash to friends through the Tencent social networking platform WeChat. Tencent said that during the Spring Festival holiday ended in mid February, about 8 million people sent 400 million yuan in electronic red packets.

Reported that mobile payment applications have suddenly become popular, and become a convenient means of payment for small consumption, such as taxi or movie tickets. If you eat with your friend "AA", Zhang Yu Jia will use the electronic wallet of Alibaba Alipay to transfer the meals he should share to friends who are dining together.

"Banknotes smell of copper," she said. Zhu Jisong, a Shanghai scholar, also said that whenever he was carrying only 100 yuan in cash, it could be false and "carry bacteria and viruses".

Wu Weiyi, a AlixPartners consultant in Shanghai, said that the benefits of first shopping and re payment are not only to facilitate or save more cash flow, but also to control and monitor cash flow by issuing cards to employees.

But he said that many people do cards to get promotional incentives from banks, so the number of active bank cards is much less than the total number of cards issued. In the three or four tier cities and lower income groups, cash is still in widespread use. He added: "using cash is more affordable. Merchants do not have to pay for it. Tracking is not so easy, so people use cash to avoid tax."

The dawn of online shopping in China is also evident in the dawn of online shopping in Beijing, Ogilvy said. Bank Karp and a big factor. Dawn said: "the popularity of credit cards has increased substantially in the past two or three years, mainly due to the explosive growth of online retailing." "Chinese consumers buy almost everything online, including fresh vegetables," he added.

At the end of the report, it seems that China now seems to be abandoning the habit of using cash quickly.