China predicted to become world's first cash-free society in 10 years

Updated 2017-08-09 09:17:36 chinaplus.cri.cn

China is marking its third "Cashless Day" on Tuesday, August 8, 2017. With the country predicted to become the world's first cash-free society in a decade, new calls are being made to create legislation to make online payments safer, reports the Legal Daily.

"Cashless Day" was proposed in 2015 by Tencent, which runs a payment service through its WeChat application. In attempting to promote "cashless day," Tencent argues a life free from physical currency is smarter, lower-carbon and more convenient.

The use of physical cash as a form of payment is dwindling in China. A recent report from the China Internet Network Information Center shows just over half - 50.3% - of all payments made at brick-and-mortar shops were mobile payments as of December, 2016.

However, the growing trend toward online payments has also aroused security concerns, including potential privacy invasions, identity theft risk and payment platform loopholes.

Experts quoted by the Legal Daily suggest the Chinese government is obliged to build a safe payment environment through legislation.

"Legislative studies related to a cashless society are going to be a major subject in the years to come," said Zhu Wei, deputy director of the Research Center on Communication Laws at the China University of Political Science and Law.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 24 2018 13:51:26

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 24 2018 13:51:26

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 24 2018 13:51:26

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords