What's happened
China is slowing its transition to a fully cashless society, making efforts to facilitate seamless payment mechanisms for foreigners and the elderly. Overseas travelers from nine countries can now make payments in Hong Kong using their home wallet apps through Alipay+. This move aims to create a more friendly, inclusive, and multichannel payment environment, aligning with China's continued opening-up endeavor and efforts to boost consumption and people's livelihoods.
Why it matters
China's decision to slow its transition to a cashless society and make payment mechanisms more accessible to foreigners and the elderly is significant as it promotes inclusivity and enhances the country's payment infrastructure. This move is likely to improve the overall payment experience for visitors and residents, boost consumption, and support China's economic development and internationalization efforts.
What the papers say
The Independent highlights China's efforts to create a more inclusive payment environment, emphasizing the importance of facilitating seamless payment mechanisms for foreigners and the elderly. In contrast, the South China Morning Post focuses on overseas travelers from nine countries being able to make payments in Hong Kong using their home wallet apps through Alipay+, highlighting the convenience and benefits for both tourists and local merchants.
How we got here
China has been at the forefront of the shift towards a cashless society, with the widespread adoption of mobile payment apps like Alipay and WeChat Pay. The country's move towards digital payments has been driven by convenience, efficiency, and the government's interest in oversight and battling corruption. The recent initiatives to make payment mechanisms more accessible to foreigners and the elderly align with China's goals of promoting a unified domestic market, boosting consumption, and enhancing people's livelihoods.
Common question
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China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.