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(100 great changes) Mobile Payments Inject New Momentum into China's Economy

2022-12-03 10:21:31Ecns.cn Editor : Jing Yuxin ECNS App Download

In southwest China's Lhasa City which lies at an altitude of over 3600 meters, all the public buses accept mobile payments. A smartphone allows you to travel in this "City of Sunshine" easily.

In Hong Kong, you can pay for subway rides by scanning a QR code at all 93 stations. Digital payment has facilitated the connectivity of the 7 million residents in the Guangdong-Hong Kong-Macao Greater Bay Area.

In fact, in different parts of China, e-payment has significantly changed people’s daily lives. More than 900 million Chinese people are using mobile payments, with the annual transaction value reaching 527 trillion yuan (73.5 trillion dollars).

China has also moved quickly in Digital Currency Electronic Payment, piloting the new money in major cities including Beijing and Shanghai. Transactions using the digital money has surpassed 100 billion yuan (13.9 billion dollars).China will move forward building infrastructure of the digital money and its ecosystem and improving the system's security and reliability.

Now, there are over 1.6 million 5G stations in China and 99% of the population are covered by 4G networks. Without the advanced digital infrastructure, mobile payments would not have been possible.

While in Africa, over 90% Kenyan adults are using a mobile payment platform supported by Chinese technology. As one of the most advanced countries in the world in terms of mobile payments, China will continue to support other developing countries in growing faster.

General Producers

Yu Lan Hu Fang

Producer

Wu Qingcai

Executive Producer

Zeng Nai

General Directors

Chen XingangWang Kai

Chief Editors

Cao Hangyu Ma Xueling

General Coordinators

Zhao AnyuanRen ShuaiZhu Na