About 14 percent people don’t carry any cash when they go out, as mobile payments replace wallets in China, French market research firm Ipsos reported Tuesday.
Another 26 percent consumers carry less than 100 yuan and about 74 percent said they can survive for over one month with only 100 yuan cash in their pocket, the report said.
The report also said that 84 percent of people in China said they are “comfortable” going out with only mobile phones, no cash.
Non-bank payment organizations handled a total of 97 billion mobile payment transactions from 2013 to 2016, with over 195 percent annual compound growth rate, according to China Payment and Clearing Association.
Chinese banks dealt with 8.6 billion payments from mobile services in Q2, up 40.5 percent from a year ago, the People’s Bank of China said.The combined value of mobile payments jumped 33.8 percent to 39.24 trillion yuan ($6 trillion) and online transactions through non-bank payment platforms came in at 31.49 trillion yuan, rising 34.9 percent from the same period last year, Xinhua reported.
Thai Credit Guarantee Corporation (TCG) Will Launch Bad Debt Guarantee Program for SMEs
The program will also cover SME loans that have turned into non-performing loans (NPLs), defined as loans overdue by more than 90 days, although these NPLs must not exceed two years of overdue payment.
BANGKOK (NNT) – State-owned Thai Credit Guarantee Corporation (TCG) is preparing to launch a 20-billion-baht bad debt guarantee program to assist struggling small and medium-sized enterprises (SMEs) saddled with bad debts.
Can the Subscription Economy Save Financial Services?
Going back to the pre-Covid “normal” is not an option for financial services. Fortunately, the rise of the subscription economy points towards frontiers of untapped growth for the sector.
As the world waits for mass vaccination to revive economic activity, general malaise has overtaken the financial services industry (FSI). And things will probably worsen before they get better: US banks are expected to suffer US$318 billion in net loan losses by the end of 2022, according to Deloitte.
Asia Pacific Banks shrug off commercial property risks for now
APAC commercial property prices were down around 3% on average in 2020, after a 1% rise in 2019. But the coronavirus-induced decline has been modest compared to past downturns, suggesting that the impact on banks’ commercial real estate loans will generally be much smaller this time.
More than half of Thailand’s household debt is good debt says Finance Ministry
The COVID-19 situation caused the economy to contract in 2020, raising the level of household debt against gross domestic product...
Will businesses adopt remote working permanently?
Remote working isn’t possible for our business. If that was your opinion, pre-COVID-19, you’ll have realised over the last few...
COVID-19 situation in Thailand as of 8 March 2021
The post Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 8 March 2021, 11.30 Hrs. appeared first on TAT...
ASEAN, France formalise Development Partnership
JAKARTA, 4 MARCH 2021 – ASEAN and France convened the inaugural ASEAN-France Development Partnership Committee (AF-DPC) Meeting via videoconference today, marking...
Expedia and Accor join UNESCO Sustainable Tourism Pledge
Expedia Group, a mega booking platform, and the global hotel company Accor are joining forces to extend their commitment to...
Disrupted by Covid-19, will South-east Asia’s super apps join forces?
– Super apps explore inorganic growth options– Gojek in talks with e-commerce company Tokopedia over $18bn merger– Grab reported to be preparing...
Subscribe via Email
- Economics1 week ago
1.7 million Thais without smartphones register for "Rao Chana" benefits
- United States1 week ago
US pledges to enhance cooperation with Mekong subregion’s countries
- Startups1 week ago
Traveloka to launch financial services in Vietnam and Thailand
- China1 week ago
Mainland China is in no position to take Taiwan by force