China is showing the rest of the world how to build a cashless society

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    China is showing the rest of the world how to build a cashless society

    Mobile payment services are seeing explosive growth in China, where apps like Alipay and WeChat Pay let people do everything from paying bills to booking a taxi

    China supermarket

    Payment app QR codes are popping up across China

    Anthony Kwan/Bloomberg/Getty Images

    By Donna Lu

    CASH is rapidly becoming a thing of the past in China. Consumers have abandoned banknotes in favour of paying with their phones in unprecedented numbers – and this vision of a cashless economy could well be the future throughout the world.

    The country isn’t alone in rejecting coins and notes – Sweden leads the world as the most cashless nation as a percentage of GDP – but its pace of change is accelerating. Since 2013, China has experienced the highest growth in the number of cashless transactions out …

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