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False. Even the most faraway small villages residents use Alipay or WeChat, they don't even know what is a POS or ATM.

• seanmcdirmid 8y ago
  False. China has a cash propensity of 35%, the USA is at 11%. Those numbers are for 2018. China still falls behind all developed economies in the Asian region for non-cash transactions. https://s3.amazonaws.com/fetch_production/assets/524432/The%20Global%20Cash%20Index%20-%20Asia%20Pacific%20Analysis%20June%202018.pdf?AWSAccessKeyId=1BDADAVV6226ZDNVWE82&Expires=1547853517&Signature=Frx81i8yN8CKQWahFbBBaCb%2F2Ow%3D&response-content-disposition=attachment%3B%20filename%3D%22The%20Global%20Cash%20Index%20-%20Asia%20Pacific%20Analysis%20June%202018.pdf%22 https://s3.amazonaws.com/fetch_production/assets/524432/The%...
  • resouer 8y ago
    False. World Payments Report 2018 https://worldpaymentsreport.com/wp-content/uploads/sites/5/2018/10/World-Payments-Report-2018.pdf https://worldpaymentsreport.com/wp-content/uploads/sites/5/2... China ranks the third of non-cash transactions organization after Eurozone and USA, and with its rate of growing, China will become the #1 in 2021, aka 3 years later. Actually, in 2016, WeChat alone has already reached 500M transition/day[1]. As for cash propensity, it has nothing to do with non-cash transactions. Chinese ppl just love keeping lots of money in their bank accounts. [1] http://www.sohu.com/a/129980516_324659 http://www.sohu.com/a/129980516_324659
    • yorwba 8y ago
      Your source says that China ranks third after USA and Eurozone by total number of non-cash transactions. It does not imply anything about the share of non-cash among all transactions. Considering that China has more inhabitants than either of the other regions, the share of non-cash transactions should be quite low, or they wouldn't rank third.