Index IntroductionAdvantages and DisadvantagesPersonal ExperienceIntroductionThere are some types of payment methods used by people staying in China, cashless or cash payment. Examples of cashless payment are Alipay, Tenpay and WeChat Pay which use mobile devices to make payments by scanning the Quick Response (QR) code. Research has shown that 75% of Chinese citizens are more likely to make cashless payments. Why? Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay It is because in China there is a high level of counterfeit money and a high level of pickpocketing. There were many incidents, for example my friend counterfeited and some of my friends were pickpocketed. From a survey conducted by PayPal, 90% of Singaporeans say they prefer to use cash as their primary payment mode, with only a small percentage regularly using digital payments. However, when it came to using cash regularly, 43% of the 90% cited problems such as a lack of cash on hand and long queues at automatic teller machines (ATMs). The same study found that Singaporeans are actually more aware of various digital payment platforms than their Asian counterparts, but are slower to embrace these new technologies, partly due to confusion over the broad options of electronic payments. Quote from Prime Minister Lee Hsien Loong: "In Singapore we also have electronic payments, but we have too many different schemes and systems that don't communicate with each other. So people have to carry more cards and companies have to install more card readers. It's inconvenient for consumers, it's expensive for businesses. And the result is that most of us still prefer cash and checks – 5 out of 10 transactions are cash and cheques.” Therefore, I can conclude that Singaporeans are still relying on cash more often. On the other hand, in the same research survey, only 25% of locals prefer to use cash as their primary payment mode. 75% of them preferred cashless payments instead. The main reason for this is the inconvenience felt by many using traditional banks, having to travel long distances for rural customers and having to queue at city branches, requiring much of their time to be spent just withdrawing money from banks. their bank account.Advantages and DisadvantagesAdvantages of Cashless Payment (QR Code)Reduces chances of forgery.Helps in tracing black money. The same advantage will be obtained by carrying out cashless transactions. This will lead to greater transparency in the system. You can pay the exact amount to the shopkeepers without worrying about the change. Poor cash management like the claw machine I went to for the excitement that hides the fact that we get some after spending more than a few hundred yuan. You do not need to pay any credit card fees. Disadvantage of Cashless Payments Hacking: Hackers are known to be skilled computer experts who use their technical knowledge to rob banks from cashless transactions that are made. This can be very dangerous as there is a large target audience in China. Technological issues: such as technical problems, interruptions, or some mistake made which can or probably lead to a big problem that prevents you from purchasing items whenever you need them. On the other hand, merchants may not have any option to accept payment from customer when the system is not on..