Dear MEL
Topic Readers,
China's
mobile payment era: Costs and benefits
New methods seem
to arise where there are no dependable and convenient options.
In developing
areas where there are no railroads, highways or airports can be built faster
and more economically. Also, to places where there are no telephone lines,
mobile phone grids can be established more easily to cover every home and every
phone. In fact, in some developing countries, the first electronics device or
appliance people get is a mobile or even smart phone, rather than a TV set or refrigerator.
The same
seems to be true for payment. In a place like China where there aren’t enough
ATMs or credit card readers, mobile payment seems to have taken their places. In
fact, QR code is seen on everything and everywhere in China because it is created
easily by anyone and read instantly by any smartphone. People don’t seem to have
hesitated to become online payment users.
On the other
hand, such online payment methods haven’t become so popular in places like
Japan or the US where cash or credit card payment has been customary.
People are
often more reluctant to change from the way they’ve been used to than to adopt new
methods or convenience.
Enjoy reading
and learning how fast the other part of the world is changing..
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