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China Briefing | As China goes cashless, it’s the elderly who pay the price
- Virtual wallets and online shopping have become so commonplace in China that few consumers bother to carry cash or credit cards any more
- Older people have struggled to adapt to this new reality, however, with the government intervening to ensure they can still access essential services
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When it comes to becoming a smartphone-driven cashless society, China is really ahead of the pack – providing a blueprint for other countries to follow.
You can do pretty much anything online in the country these days, from paying utility bills to buying plane tickets, and the coronavirus pandemic has only accelerated this trend.
Businesses now use live-streaming to sell everything from fresh produce to cars. Evergrande, China’s largest property developer, has even developed an app to sell homes, which showcases flats using the latest virtual-reality technology and offers prospective buyers the option to sign contracts.
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When heading out to eat, diners in China can scan a QR code to order and have their food delivered to their table by a robot, before settling the bill using a virtual wallet such as those provided by Alipay or WeChat – avoiding the need to touch a physical menu or interact with a waiter.
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Inside China's first AI hot pot restaurant
Inside China's first AI hot pot restaurant
It is so common for mainlanders to use these virtual wallets that many no longer carry cash or credit cards on them, leading to an increasing number of shops that refuse to accept cash – much to the annoyance of China’s central bank.
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