China wants its rural villages to go cashless by 2020

TechCrunch | 2/22/2019 | Staff
emilia (Posted by) Level 3
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Residents of even the tiniest far-flung villages in China may soon be able to pay on their phones to run daily errands as Beijing announced this month that it aims to make mobile payments ubiquitous in rural areas by the end of 2020.

The plan arrived in a set of guidelines (document link in Chinese) jointly published by five of China’s top regulating bodies, including the central bank, the Banking and Insurance Regulatory Commission, the Securities Regulatory Commission, the Ministry of Finance and the Ministry of Agriculture and Rural Affairs, in a move to make online financial services more accessible to rural residents.

Hope - Lives - Farming - Communities - Loans

The hope is that by digitizing the lives of the farming communities, from getting loans to buy fertilizers to leasing lands to city developers, China could bolster the economy in smaller cities and countryside hamlets. Hundreds of millions of rural Chinese have migrated to large urban centers pursuing dreams and higher-paying jobs, but 42 percent of the national population remained rural as of 2017. While scan-to-pay is already a norm in bigger cities, digital payments still have considerable room to grow in rural towns. All told, 76.9 percent of China’s adults used digital payments in 2017. That ratio was 66.5 percent in rural parts, according to a report released by the central bank.

Following the digital payments pledge was the release of the annual Number One Document (in Chinese) that outlines China’s national priorities for the year. Over the...
(Excerpt) Read more at: TechCrunch
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