Connect with us

Banking

About 14% people carry no cash in China

The report also said that 84 percent of people in China said they are “comfortable” going out with only mobile phones, no cash.

Published

on

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.

Source: About 14% people carry no cash in China[1]- Chinadaily.com.cn

Banking

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.

Published

on

logomain

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.

Loading...
(more…)

Continue Reading

Banking

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.

Published

on

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.

Loading...
(more…)

Continue Reading

Banking

Asia Pacific Banks shrug off commercial property risks for now

Published

on

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.

Loading...
(more…)

Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,819 other subscribers

Trending