Template-Type: ReDIF-Article 1.0
Author-Name: László Kajdi
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: kajdil@mnb.hu


Title: A Western Diet with Chinese Spices –
The Specificities of Payments in China

Abstract: Overall, in China the payment system is less developed and electronic payment
methods are less widely used than in European countries, while in this regard
China is also relatively underdeveloped among the BRICS countries.1 That said,
data indicate that in accordance with China’s economic growth since the turn of
the millennium, major changes have also been taking place in this field. Although it
enjoyed a monopoly in the country until recently, the Chinese payment card system
now competes with international card companies, and innovative mobile payment
solutions are also popular. This latter is also remarkable because despite the steady
growth in the number of people using mobile payment solutions in Western states,
even the most developed payments systems have so far failed to convince a wide
range of consumers to use the latest technologies. By contrast, in China a significant
group of consumers has skipped over arguably traditional payment methods such
as credit transfers or card payments, and switched from cash usage directly to
mobile payment solutions. This has also caused the role of banks to become less
central, and that of other payment service providers more prominent, which may
also significantly influence the situation of the banking sector going forward.

Classification-JEL: E42, G18, O33
Keywords: payments, payment systems, China
Pages: 140–169
Volume: 16
Issue: Sepcial Issue
Year: 2017
File-URL: http://english.hitelintezetiszemle.hu/letoltes/laszlo-kajdi.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:16:y:2017:i:SpecialIssue:p:140-169