Author: senoritazhao

why China is light years ahead in the online payment revolution? [Copy link] 中文

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Post time 2017-9-13 10:41:14 |Display all floors
It wasn't that long ago when foreigners decried how crumpled the money notes were.  Well, China has again shown she can very quickly solve a small problem using a solution that instantly leapfrogs from national to global in dimension.

The digital revolution in the west was checkered in performance. It started because of the stock markets looking for the next big idea to financialize human activity and make abundant money by leveraging window-dressed share recommendations that ignored basic business models of viability as persuaded by wild valuations fed on mystifying data cooked by target-driven analysts ok-ed by un-diligent ratings agencies.

The bubbles that inevitably ensued burst and their dotcom's became toast. Subsequently, a few new ones surfaced because their traditional brick and mortar stocks were still not bringing in the level of dividends their investors were used to in order to pay their bills of exuberance. But again, they ignored the fundamental requirement of a digital revolution - you need a very large internet-mobile connectivity base to start with first before things can start moving that will tap the networking effect that is the linchpin of e-commerce and m-commerce.

In the world today, China has both - the largest internet-mobile base of users and consumers, plus, the networking effect that is an intrinsic feature of the Chinese mind.  Add to those the entrepreneurial gung-ho can-do make-rich spirit of her industrialists and individual idea makers, plus the cutting-edge modern tools and infrastructure at their disposal, and her future in the innovation sphere of the world is, well, resplendent beyond reproach.

And that is why digital pundits in the west are now talking about the criticality of having a civilizational infrastructure in order to fuel and sustain a continuous wave of innovations.

Beyond pipes and cables, airwaves and bandwidths, hardware and software, ideas, will and large-scale projects, mass demand and infinite variations, China is at the forefront of it all.  

She has all the factors to propel the engine of innovation of the future, arrived today.

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Post time 2017-9-13 15:35:33 |Display all floors
twa Post time: 2017-9-10 14:53
One of the biggest drawbacks of chinese online payment is the requirement of shenfenzhen. While it m ...

Your information is incorrect. Foreigners can use alipay and tenpay. All you need is to have a China bank account. Cashless is a great thing. There was once I had no small change, but need to pay a small labor fee. We just use tenpay and done.

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