Is Cashless Payment can replace all Cash payment and Card payment?
In China, Alipay and WeChatpay mobile payment have penetrated to all the cities by using a mobile payment pos at merchant side, and the mechanism of scanning QR code for payment by using smartphones has become popular which is working as a QR payment pos. It is said that the ratio of mobile payment in urban areas have exceeded to 98%. Following the rapid spread of mobile payment in China, shops who use the touch screen cash register start to refuse using cash and credit card payments in some of cases. This makes it a difficulty for elderly people who do not use smart phones, residents living in rural areas, and foreigners who visiting China for a short period of time.
Though there are more than 772 million internet subscribers in China which accounting for 56% of the total population (2017), but there are still many people who are not connected to the internet and not using smartphones in rural area.
Among the elderly, there are also people who use smartphones but do not dare to use for mobile payment like Alipay and Wechatpay.
The foreigners living in China or visiting China also face difficulty in the mobile payments. This is because, if you want to open a mobile payments account you must basically open a bank card in China to linked with your mobile payment account. In addition, there must be a phone number that can use the SMS service in China, otherwise it is still not available for the paying anything.
Recently, power outages and communication failures in Japan and South Korea have also exposed the disadvantages of cashless settlement.
Therefore, in a short period of time, the retail industry and the catering industry should still consider to provide both kinds of payment methods. They should not only consider their own convenience and benefit but should also see their own social responsibility.
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