China News Service, Beijing, September 30th. Title: [Ten Years of Chinese Style] China's "Code" life goes to the world. Reporter Li Jinlei How awesome is China's mobile payment?

China News Service, Beijing, September 30th. Title: [Ten Years of Chinese Style] China's "code" life goes to the world

Reporter Li Jinlei

How awesome is China's mobile payment?

Singapore Prime Minister Lee Hsien Loong 2017 shared a story. At that time, the Minister of the Ministry of Human Resources of Singapore Lin Ruisheng Once bought chestnuts at a street stall in Shanghai. He found that the person in front of him shook his phone and took the chestnuts away without paying cash. He thought there was any special discount, so he told the vendor that he did not need discounts and paid the full amount in cash. The vendor pointed to the QR code next to him with a puzzled look. "At that moment, he felt like a country bumpkin."

Now, when you go out in China, you are not afraid of losing money in your pocket, but only afraid of your phone running out of battery. Political experts from many countries, including Lee Hsien Loong, once praised China's mobile payment "going fastest and most advanced", and mobile payment has also become the "Chinese business card" of the new era.

China is leading the "Scan QR code era" all over the world. China, which is leading the way, has "scanned" new world, and advanced lifestyles are moving to the world.

"scan" to create a fashionable and convenient

small QR code. Although it was invented by the Japanese, it was carried forward by the Chinese. Nowadays, the QR code has been deeply embedded in the lives of Chinese people. "You scan me, or should I scan you?" has become the catchphrase of Chinese people. The former "when traveling, you must bring your pocket" has become "I have a mobile phone in my hand, and I have it in the world."

From Ussuri River to Pamir Plateau , from the grassland outside the border to the southern Xinjiang islands, China's mobile payment is everywhere. You can scan the code to pay by taking buses and subways, going to restaurants, order takeout, buying groceries, shopping, and taking medical treatment. Even the uncles and aunts who sell watermelons and roasted sweet potatoes on the roadside can use scan code to pay by using scan code to pay by using it. It is fashionable and convenient.

These scenarios often make European and Americans who still mainly use credit cards sigh "incredible". At present, China's mobile payment transaction scale is the largest in the world. China Internet Network Information Center data shows that as of December 2021, the scale of China's online payment users reached 904 million. Data from the People's Bank of China shows that in 2021, banks across the country handled a total of 151.228 billion mobile payment transactions, with a total amount of 526.98 trillion yuan.

According to consumer survey data from PwC , China's mobile payment usage rate is 86%, ranking first in the world, more than twice that of the United States and 2.5 times the global average.

Digital life in science fiction has gradually become a reality in China. In this world's largest digital society, the digital standard of living is amazed by foreigners. As of December 2021, the scale of online shopping users in China reached 842 million, the scale of online takeaway users reached 544 million, the scale of online car-hailing users reached 453 million, and the scale of online office and online medical users reached 469 million and 298 million, respectively.

Data picture: Use the digital RMB payment code to take the bus. Photo by Li Huacan

"scan" the innovation dividend

As the world's first country to invent and use paper money, China is leading the global payment system into a new era, with face-scanning payment, fingerprint payment, and sound-wave payment. China's mobile payment continues to evolve and upgrade, leading the world trend.

"China has a very foresight in this regard." A few years ago, when talking about the reason why China's mobile payment is more prosperous than Europe and the United States, Tim Cook pointed out that mobile payment can be used in Silicon Valley, the United States, but when you go to the hinterland of the United States, many people don't know what mobile payment is, and they are more accustomed to spending with credit cards. Credit cards in China are not as popular as those in the United States and Europe. Some startup Internet companies have undergone changes. Chinese people are more willing to accept new changes and can use mobile payments anywhere.

China is moving faster than Europe and the United States in the "Scan QR code era", which is also a vivid portrayal of vigorously implementing the innovation-driven development strategy , which has effectively promoted the development of the economy and society.

" digital technology has created a new digital space for individuals, and QR codes are increasingly becoming an important entrance to this space."Zuo Pengfei, Secretary-General of the Information Technology Research Center of the Chinese Academy of Social Sciences, told China News Network reporters that China leads the "Scan QR Code Era" digital life mainly three factors: First, active policy support, China attaches great importance to QR code promotion, supports the application of QR code technology in multiple fields and industries, and the Ministry of Industry and Information Technology has begun to promote my country's QR code national standard to become an international standard since 2019; second, effective corporate innovation, domestic digital technology companies have created rich and close application scenarios based on QR codes; third, the huge scale of netizens provides an important driving force for the optimization and maturity of related application scenarios.

Data picture: On November 10, 2018, the first China International Import Expo food and agricultural products exhibition area, visitors scan the code to pay for the purchase of goods. Photo by Yin Liqin, reporter of China News Service

"Scan" out mutual benefit and win-win

not only benefits the local area, China's mobile payment is going abroad, and Chinese Internet giants benefit more countries and people through technology sharing and diversified and convenient operation models.

From Kuala Lumpur International Airport in Malaysia to Myeongdong, Seoul, South Korea, and then to Ottoman Street in Paris, France, the frequency of Alipay and WeChat QR codes is increasing.

China's advanced lifestyle is moving globally, allowing consumers to "go all over the world with one wallet", helping to achieve "people-hearted communication" and economic development.

During the epidemic, the number of e-wallet users in South Asia and Southeast Asia soared. Alipay data shows that 9 local e-wallets have been created in the "Belt and Road" countries and regions, and most of them have grown into popular e-wallets in the local area.

Zheng Xiaoling, president of the Canadian Association for the Promotion of International Trade, told China News Network reporters that mobile payment has shown a revolution in currency transformation. In today's world composed of digital economy , digital technology, and digital currency , the new currency "scan code era" will better serve global economic integration . (End)