Observations on Financial Technology Development in China


So I’ve been here about a month now and I wanted to make some comments on the technology here at some point and I feel like I’ve been here just long enough now to know a little bit more than I did just as a visitor.

While I said before that QR payments are ubiquitous and also the preferred method of payment, what I didn’t know is due to the duopoly created by the two firms who initially started the “easy to pay with least possible equipment” revolution were forced to standardise QR codes so that businesses would have to compete with each other.

As such, there is a lot of attempts to make things cheaper by the competition involved.

While there is a sizeable amount of e-KYC in use, this isn’t available to foreigners at all. It’s very sad.

There’s probably some more but I’ll post again later when I think of it, I’m currently going to get dinner.

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