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In China, Coins and Banknotes Have All But Disappeared
China's transition to digital payments has reached the point where physical cash has nearly vanished from daily commerce, with WeChat and Alipay now handling transactions from supermarkets to public transportation across the world's second-largest economy. Many businesses no longer maintain traditio...
China's transition to digital payments has reached the point where physical cash has nearly vanished from daily commerce, with WeChat and Alipay now handling transactions from supermarkets to public transportation across the world's second-largest economy. Many businesses no longer maintain traditional cash registers and instead scan QR codes presented by customers, while numerous taxis refuse cash payments entirely.The widespread adoption has given tech giants Tencent and Alibaba immense power over routine financial transactions, prompting China's central bank to develop a competing digital yuan currency.
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