FinTech - cashless

[Nice Guy Eddie 13555]

I've been reading some about how mobile payments in China has grown so that many don't carry wallets or cash or credit/debit cards. Effectively everything is transacted using their phone and a qr code from the vendor.  Even street vendors , musicians and even beggars have qr codes so that small payments or tips can be handled with your app.  The main app seems to be WeChat which sounds like a combo of text, social media and Venmo/Paypal.

From some quick google searches, I've seen ranges that China has perhaps as high as $40T annually being spent in mobile payments.  US is lagging and perhaps not even reaching $1T annually.

I find that my friends in their 40s/50s as very wary of paying for things with their phone. There is a fear of tying an app to your bank acct. I understand that concern but I believe you're still protected from fraud or theft. And if necessary, open up multiple bank accounts to offset the risk. One acct for mobile payments with limited amounts, and another for larger payments like car or mortgage.

Personally I use the following mobile payments: Venmo with work colleagues (all younger), Starbucks app for coffee, and recently switched to Apple Wallet to withdraw cash from my Chase checking.

What else are people using?

 

 

[elfenix 34387]

alipay is bigger than wechat pay afaik.  the QR codes are everywhere.  you can pay for damn near anything.  no need to carry cash.  no need to carry credit cards.  and all it takes for the vendor is their QR code taped or posted somewhere.  all those PoS systems every food truck has here in the states?  pointless. 

Edited May 2, 2019 by elfenix

[Neonmoon 38130]

I’m all for going cashless. 

I still think the west pay apps take too long. If I can check out faster with my card, what’s the point. 

[elfenix 34387]

On 5/11/2019 at 3:54 PM, Neonmoon said:

I’m all for going cashless. 

I still think the west pay apps take too long. If I can check out faster with my card, what’s the point. 

the qr code stuff all over china is way faster than cards. 

[Nice Guy Eddie 13555]

On 6/5/2019 at 3:41 PM, elfenix said:

the qr code stuff all over china is way faster than cards. 

I can’t speak to qr codes in China, but the fastest pay I use is the Starbucks app with a bar code. Same concept.

and paying others with Venmo or Cash is ridiculously easy and fast once your friend is found.

[52-80 19282]

i pay all your mothers in satoshis