About this sample
About this sample
Words: 1094 |
6 min read
Published: Apr 2, 2020
Words: 1094|Pages: 2|6 min read
There are a few kinds of payment methods that people staying China uses, cashless payment or by cash. Examples of cashless payment are Alipay, Tenpay and WeChat Pay which use mobile phone devices to make payment by scanning the QR (Quick Response) Code. Researches have shown that 75% of the China citizen are more likely to go cashless payment. Why?
It is because of in China, there is a high level of counterfeit money in China and a high level of pickpocketing. There have been many incidents like my friend have counterfeit and a few of my friend got pickpocket. From a survey made by PayPal, 90% of Singaporeans say they prefer to use cash as their primary mode of payment, with only small percentage using digital payments regularly. However, when it came to using cash regularly, 43% of the 90% cited problems such as having insufficient cash on hand, and long queues at the automated teller machines (ATM).
The same study found out that Singaporeans are actually more aware of the various digital payment platforms than their Asian peers, but are slower to embrace these new technologies, some are due to the confusion over the large options of e-payments. Quoted from Prime minister Lee Hsien Loong: “In Singapore, we too have e-payments, but we have too man different schemes and systems that do not talk to one another.
So people have to carry multiple cards, and businesses have to install multiple readers. It is inconvenient for consumers, it is costly for businesses. And the result is, most of us still prefer cash and cheques – 5 in 10 transactions are cash and cheques”. Therefore, I can conclude that Singaporeans still rely on cash more often.
On the other hand, in the same research survey, only 25% of the locals preferred using cash as their primary mode of payment. 75% of them all preferred cashless payments instead. The main reason for this was because of the inconvenience felt by many using traditional banks, they have to travel long distances for rural customers to having queue in the branches in the cities which require a lot of their time being spent on just drawing out money from their bank account.
Advantages of cashless payment (QR Code)
Disadvantage of cashless payment
In China, there is only one application I used which I was informed beforehand, WeChat. When my group of friends went to SanLiTun where there is a lot of real shopping products and good food, we were checking out the place. Nigel and I discover a claw machine shop nearby call LLJ Claw Machine shop. That shop has good reviews so we decided to look up on it. When we got there, outside there is few people who have a chain of very cute plushies.
We decided to spend our afternoon and we went into the shop. One thing I realized that is the shop is very organized despite the huge crowd of people. There is one person to guard one proportion of the area. The next time I observed is that everyone is using WeChat to pay the machine unlike Singapore arcade which still uses tokens.
The next thing that hits me that worried our group is that some people have WeChat but we Singaporean students do not have a China bank account to transfer money to convert into the tokens. We went to ask the lady who is at the counter which is in charge of the administration. Luck was on our side, there is a way to top up the token (money for the game) in the phone which is to buy a 100-yuan card and manually top up the money on the phone.
How does the claw machine work? The player has to produce a QR code from their mobile phone, there is a scanner that scan the QR code and deduct the specify amount of token from the player account which makes a lot of thing easier, lessen the amount of workload and focus more on the security as compared to Singapore.
In Singapore, there is lot of problems in arcade like having machine malfunction, token get taken in but not allowing the player to play or the machine needs to clear out all the token in order for the next player to play but in China, there is no such problems faced as they used the QR code. From my experience, I realized the reason why most prefer the cashless payment as there is many advantages like it is quick and easy, no worries such as having not enough money to make the payment or no cash.
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