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China Is On Track To Fully Phase Out Cash

An anonymous reader shares an excerpt from a report via Motherboard: Experts believe it won’t be long before China, the first country to introduce paper money, becomes the first to go totally cashless. In a poky sex toy shop in Sanlitun shopping district in central Beijing, a placard with a QR code is strategically placed next to a pink, vein-knobbled dildo called the Super Emperor, and a clitoral pump. Just scan your phone, and walk out with your purchase. The cigarette vendor across the street accepts smartphone payments too. A fast-moving queue of customers purchase smokes by scanning their phones over a tatty cardboard QR code. All the bars in Sanlitun, equal parts seedy and swish, still take cash, but have likewise implemented cashless pay, largely through the ubiquitous WeChat and Alipay app, as primary payment platforms. Beijing taxi drivers accept smartphone payments too. No one in the area uses physical money, for sex toys or otherwise. Largely due to China’s vibrant fintech landscape, the recent rise of phone payments in the country has shunted cash onto the endangered list, perhaps somewhere alongside the pangolin. Many experts believe it won’t be long before China, the first country to introduce paper money, also becomes the first to phase it out to become fully cashless. But when will this moment come?

Read more of this story at Slashdot.

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