Considering India’s Size and Population – Is this Move really Feasible?
1. Non-cash payments have grown by about 40% last year and China has now moved into 4th place in the world for Non-Cash payments after US, Europe and Brazil.
2. China has approximately 4 billion cards issued to its citizens by Banks & other financial institutions. Considering their population, that’s approximately 3 cards per person.
3. Chinese Government is encouraging citizens to use non-cash payments because it reduces the cost of printing, circulating and handling bank notes. It also helps in the battle against tax evasion and corruption as well as other illegal activities.4. In order to accelerate the use of non-cash payments, the Chinese government has increased the availability of Point of Sale (POS) machines and also opened up a domestic card payments system to the public.
5. Other pre-paid and electronic wallets such as WeChat, Mi Wallet and Alipay are becoming extremely popular in china because people are able to shop and pay for services conveniently using their smart phones.