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Cash and non cash transactions will coexist in a complementary way.

Edit:Longtop Technology (HK) LimitedUpDate:Jun 05, 2018

In today's society, no cash payment mainly includes bank card payment, online banking, contactless terminal, mobile payment and other payment methods. Compared with cash use, the rapid development of cashless payment does have its unique advantages. First of all, cashless payment has obvious advantages such as convenient payment, no need of change, and avoidance of counterfeit currency. Secondly, with the popularity of smart phones, some innovative mobile payments, such as two-dimensional code payment, face recognition payment, iris payment and so on, give people a new payment experience, which are being favored by consumers, especially young people.


Nevertheless, cashless payment does not duplicate some important payment characteristics of cash, so it is complementary to cash. The complementary means of payment can not be completely replaced by each other. The following are the discrepancy analysis on the direct, anonymous and threshold of payment for cash and non cash payments.

Direct payment


As a real currency, cash is transferred in real time through transaction, and the one-time exchange of value is completed, and the payment process ends. Cash payment does not require third party intervention, and has direct payment characteristics. Non cash payment needs to be realized through bank card, bank network system and mobile payment platform. It needs the support of third party platform. The convenience and security of payment depend on the advantages and disadvantages of the third party platform.


Privacy conservatism


Cash payment not only protects the private rights of traders, but also effectively prevents internet fraud, advertising harassment and other behaviors that harm the interests of consumers.


No threshold


As a payment tool with its own value, cash has no threshold for all groups. Instead of cash payment, it is based on a bank account or credit payment tool. Before payment, the two parties need to establish a credit relationship with the third party payment platform, which will make a part of the social group excluded. For example, a bid for a credit card requires a personal income or a certificate of property, as well as an annual fee or a number of credit cards per year, which will exclude groups such as low-income people, students, and retired people. In addition, the innovation of the payment methods, such as WeChat, Alipay and other innovative payment payment payment, need to have certain skills on the mobile platform, which is not familiar with the mobile terminal groups such as the elderly are excluded.

As two complementary channels, we believe that both entity currency and digital currency have advantages, and users can choose the best way of payment according to their own needs, instead of satisfying the rich and diversified demand of modern users. " Ye Ziyu said. "The elimination of cash is a great ideal. As the largest solution provider of China's currency recognition and processing system, radio and television will also change and facilitate human life and mission by innovation, and will also contribute to a more convenient, more environmentally friendly, faster and safer way of trading. But at least one long and difficult road will require many generations of continuous efforts. In the complex intercontinental, international and political context, there is more uncertainty. "