Cashless payment platforms through smartphone-enabled QR codes are ubiquitous in China, expanding to a US$12.8 trillion market by the end of October in 2017. Ant Financial’s Alipay and Tencent’s WeChat Pay are the two dominant service providers. Here a seafood hawker in Beijing announces he accepts both payment methods. Photo: EPA

China’s digital currency tsar says e-pay platforms could bypass banks to give tourists access to cashless payment services

  • Mu Changchun, the Chinese central bank’s foremost authority on digital currencies said the People’s Bank of China is ready to open its digital currency to visitors and rural residents without needing them to open bank accounts
  • The move comes as Alipay and WeChat Pay account for 96 per cent of the country’s mobile payment, as the duo become “systemic significant” infrastructure, he said
Topic |   Digital currencies

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Cashless payment platforms through smartphone-enabled QR codes are ubiquitous in China, expanding to a US$12.8 trillion market by the end of October in 2017. Ant Financial’s Alipay and Tencent’s WeChat Pay are the two dominant service providers. Here a seafood hawker in Beijing announces he accepts both payment methods. Photo: EPA
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