A reflection I have made in one of my frequent business trips to China, here I come to realize how China is moving towards a cashless life so quickly with all the contradictory aspects associated to this thing. One for all the data protection issue associated with paying everything by banks or third parties platforms..but hey it’s China who “cares” really about data protection at the end of the day here.. or not?

Paying without money for 10 days on the row, I come from a part of Europe, Germany, where around 80% of transactions are made in cash (in Italy 86%, in Holland 45%) for reasons of course associated to delays in embracing new cashless technologies but also a more conservative approach when it comes to saying goodby to “evil” cash.

I never imagined it was so easy to survive for so long without cash in my pocket, I mean not even a Mao Yuan! Now imagine a busy Saturday full of things to do, Post Office, laundry, taxi to the city centre to have an haircut, a stop to the small vendor to buy a coffee on the go, then to the favorite downtown restaurant for a quick bite, taxi back home but not before I buy some bread and some groceries at the supermarket, and for every transaction no need to dig in your pockets for cash or use a bank card just the mobile phone and one app like WeChat or AliPay and off you go. But that’s not all, obvious things like finding a menu on some restaurants tables can be a thing of the past, I stepped in a few of them and all I had to do was sit at the table scan they QR code and that’s all it was necessary to check the menu, order and then pay directly the bill… In need of an invoice? I did the same, scan the QR code available at the cashier and they printed an invoice with company heading for me or I could do at home or office by simply using the QR code on the receipt, simple and hassle free.  After this experience I will have a strange feeling putting my hands in the pocket and counting cash in front of a clerk again.

Is this the real future of payments? Or it’s a peculiar development only in this part of the world where don’t forget credit cards are unknown?  No doubt it’s a really practical and handy way to make transactions of all kind but how about other important aspects related to the use of cash in transactions?  More to come on this issue.. stay tuned.

Nico