Friday, February 23rd, 2024

China on its way to a ‘cashless world’

London. China is on its way to become the top country in the world in terms of cashless transactions. This information has been given in reference to a recent exclusive interview given by Kent Mathews, Professor of Banking and Finance at Cardiff University, UK.

Mathews said that cash in circulation in China has dropped to 3.7 percent of the total currency currently in circulation and is continuing to decline. he/she said that people are using cash much less today than they were 10 or 20 years ago. The trend towards a cashless society is on the rise. Today, cash accounts for around 2.9 per cent of the total currency in circulation in the UK.

Matthews said that in less than 20 years, China has narrowed its gap with the UK in terms of a cashless society at an impressive pace. he/she said that this shows how fast the caseless technology has advanced in China and how quickly it has been accepted by the Chinese society. he/she said he/she would not be surprised if the use of cash in China drops to less than two percent of the total currency in circulation in the next five years because China is adopting the technology very quickly.

he/she recalled how during a recent trip to China, he/she used his/her phone to buy mangoes for just a few paise. Mathews said that technology in China is very advanced compared to other parts of the world and this is related to the digitization of the economy. Mathews was surprised to find that even the elderly, small shopkeepers and street vendors in China prefer cashless transactions over cash. he/she said that China is setting an example of digital payments for the rest of the world. he/she, however, believes that no country can go cashless. he/she said that there will always be a need for cash and it would be impossible for any government to take cash out of circulation.

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