In the booming economy and modern technological society, the significance and value of spending money to improve people's quality of life have become increasingly important. It is well known that the life of money-making is undertaken under compulsion since wealth is not the good we seek and is merely useful for the sake of something else. However, people have different ways and habits of spending their money. Some people claim that cash is the king. They always prepare a few cash and put them in their wallet. Some others believe that credit cards would be a better payment method to avoid carrying a lot of cash. According to Juro Osawa, more than 1.2 billion people in China use the third method to spend their money daily, which is digital payment-Alipay. It is pretty common these days for people in China to purchase or sell products with Alipay. Alipay is able to help people complete their transactions within a few seconds. The only thing people have to do is scan their barcodes with their smartphones. In addition, employers of companies or governments take Alipay as their mainstream way to deposit their employees' paychecks. Alipay has become more popular than the original methods recently in China. Because there are three essential and important reasons, which include improvements in hardware development on Alipay's platform, valuable support from China state banks, and intense popular demands in the fast-paced people.
Alipay has achieved a dominant position in payment patterns in China since it has that massive support with advantaged and unique conditions. According to a recent study, a global survey has found that most people can't live without their mobiles, never leave home without them, and, if given a choice, would rather lose their wallet. To some extent, people know that a trend has significant traction when young people are all over it. I believe that digital payments will be more acceptable and more popular shortly.
Work Cited
Osawa, Juro. "Alipay Wallet Hits 190 Million Active Users; Alibaba Group Holding's Financial Services Affiliate Says Alipay Wallet is China's no. 1 Mobile Payment Tool." Wall Street Journal (Online), Oct 15, 2014. ProQuest, http://ezproxy.library.csn.edu/login?url=https://search-proquest-com.ezproxy.library.csn.edu/docview/1612041636?accountid=27953.
I heard of Alipay before. Just did a quick search with Google search engine. Didn't know that Alipay overtook PayPal as world's largest mobile (digital) payment platform in 2013.
ReplyDeleteI've never heard of Alipay until I read your informative post. It is interesting to see that it has become so popular. It sounds like an innovative form of payment like Cash app or other debit payment forms.
ReplyDeleteI may be old school but the saying "cash is king" I still believe. Here is something to think about, just like our lesson we just had (SSO). I get the fact that people would lose there wallets over there phone. Why would that be. Cause with the new age we do everything on our phones. To email, paying bills, transferring funds, to communications. So what would happen if your phone was died or it broke or you just plainly lost it. Would you be able to buy anything, could you unlock your front door (if you had a smart door lock), could you live your life not having your phone for one day. I still think till this day cash is king and hate the fact we depend on technology like this.
ReplyDeleteRui, your post is very informative. I have never heard of Alipay until now. I look forward to reading your next post.
ReplyDeleteI must be old, but to me cash is still king. What would happen if there was a glitch in the system where people couldn't access their accounts? How would they pay for goods and services then? What if they couldn't access their money for a month? How would they get by? Do they have multiple accounts they can move money around or is it just this one?
ReplyDeleteI absolutely agree that people rely on technology and their mobile phones way more than they should. I'm one of them. In my opinion, it's always good to have multiple backup plans "just in case", like carrying cash or keeping your money in multiple bank accounts, because if one bank has issues, at least you'll have the rest to fall back on.
I have also heard the same. Although I don't see cash ever being completely phased out. Very interesting read!
ReplyDeleteI knew something about it. I am not sure if Resort World on the strip is using something with that technology? A shop inside one of the malls has you pay by a form of scan. Now I wish I had gone in to see how it works. The future holds a lot of cool things for us. Thanks for the information.
ReplyDeletePaper money will never be phased out because it does not require an internet connection or a power source.
ReplyDeleteI remember hearing my Accounting professor tell the class, "Cash is king!... or queen" on the first day of class. Thank you for the sharing your knowledge and also citing sources, especially for those who are further interested in learning about Alipay. I've heard about it before but have never taken the time to look into it. I think it's amazing how China has a high reputation of having so many product.
ReplyDeleteNever heard of Alipay before. Interesting how so many people use it. I agree that digital payment will be more popular and acceptable.
ReplyDeleteI have heard of Alipay before. I did not know it over took multiple on banking companies in the world already. At most stores on Spring Mountain I have seen the QR Code to pay with Alipay.
ReplyDeleteI have never heard of Alipay at all. Digital payments will be more frequent now in the future. Apple Pay, Google Pay, and Samsung Pay. They are all digital wallets! We can even pay with our mobile banking app too. I do not think cash will be completely forgotten, I think some people will still have some.
ReplyDeleteYou genuinely cover some insightful subjects regarding the state of technology globally. Although I had never heard of Alipay, your explanation has helped me comprehend it better.
ReplyDeleteIt is a very informative post. I've never heard about Alipay before. Indeed, one day digital currency will be more popular and accepted throughout our daily lives.
ReplyDeleteI enjoy your presentation method Rui, and including a works cited page nice!
ReplyDeleteI like many others have never heard of Alipay I'll definitely look into it.
ReplyDeleteThis blog was more than informative, it was refreshing and economically educational. Thank you for your genuine and beautiful words written with a fervid disposition stemming from the center of your heart.
ReplyDeleteI've honestly never heard of Alipay until now. Digital payments are helpful and I can defiantly see them expanding in the future.
ReplyDeleteThis gives me so many questions, especially with me going to school for Cyber Security, having one company control the flow of so many transactions, I think would put a large target on them for hackers.
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