Essay On Online Payment System

Online payment systems in China are already in use all over the country in people’s everyday lives. Online payment systems here is defined as making financial payments electronically which is, in this case, the use of cell phones for payments. With the two major payment apps, Alipay and WeChat Pay, people in China no longer carry cash or credit cards around to make their purchases. The appearance of these revolutionary systems has a variety of effects on China in different ways. YoungIk Seo, a resident employee who currently works for “Kookmin Bank,” a Korean bank in Guangzhou, stated that these new online payment systems have created significant differences in China since the development began.

“The major difference between the past and present would be that individuals can make payments regardless of time and place much more easily and quickly than ever before,” Seo said. He added that 65% of the mobile internet users – which reaches 820 million – use mobile apps more than once a day and the average time they spend on the internet is 131mins per day

Individuals

“Individuals do not have to carry cash or credit cards for payment. All they need is this new payment system in their cell phones. For instance, they just need to show their personal QR code in their app or scan the QR code of the market for purchases, which is done in only few seconds,” he claimed. This convenience of having payments is probably the main reason why a lot of people in China continue to use these apps. As a result, customers could save their time for exchanging and checking cash, lessen the risk of losing money, and avoid a long waiting process due to complicated traditional payment