Table of ContentsIntroductionAdvantages and DisadvantagesPersonal ExperienceIntroductionThere are several types of payment methods used by people staying in China, cashless payment or cash payment. Alipay, Tenpay and WeChat Pay are examples of cashless payment, which use mobile phone devices to make payment by scanning the QR (Quick Response) code. Research has shown that 75% of Chinese citizens are more likely to make cashless payments. Why?Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get Original EssayThis is because in China, there is a high level of counterfeit money in China and a high level of pickpocketing. There were many incidents, like my friend had counterfeits and a few of my friends got pickpocketed. According to a survey by PayPal, 90% of Singaporeans say they prefer to use cash as their primary payment method, and only a small percentage use digital payments regularly. However, when it comes to using cash regularly, 43% of the 90% cited problems such as a lack of cash and long queues at automated teller machines (ATMs). . The same study found that Singaporeans are actually more aware of the different digital payment platforms than their Asian counterparts, but are slower to adopt these new technologies, some due to confusion around the many electronic payment options. Quote from Prime Minister Lee Hsien Loong: “In Singapore, we also have electronic payments, but we have too many different systems and systems that don't communicate with each other. So people need to carry multiple cards and businesses need to install multiple cards. readers. It's inconvenient for consumers, it's costly for businesses. And the result is that most of us still prefer cash and checks: 5 out of 10 transactions are cash and checks.” Therefore, I can conclude that Singaporeans resort to cash even more often. On the other hand, in the same survey, only 25% of residents preferred to use cash as their primary payment method. 75% of them preferred cashless payments. The main reason for this is the inconvenience felt by many users of traditional banks: they have to travel long distances for rural customers and queue at city branches, which requires spending a large part of their time simply withdraw money. their bank account.Advantages and disadvantagesAdvantages of cashless payment (QR code)It reduces the risk of counterfeiting.It will help track black money. The same benefit will be achieved by making cashless transactions. This will result in more transparency in the system. You can pay the exact amount to merchants without worrying about change. Poor cash handling like the claw machine I went to due to the excitement that covers the fact that we catch a few. after spending more than a few hundred yuan. There are no credit card fees to pay. Disadvantage of Cashless Payment Hacking – Hackers are known to be skilled IT experts who use their technical knowledge to deprive banks of ongoing cashless transactions. This can be very dangerous because the target audience is large in China. Technology issues – such as glitches, outages, or an error you make that may or probably will lead to..