China’s digital payments revolution China is leading the new revolution in digital payments. In the past decade, China has leapfrogged magnetic cards, moving to a system based on smartphones and QR codes (two-dimensional bar codes), and runs through their own big tech firms: Alipay running through Alibaba (China’s version of
Printing money, you may hear it all the time in economics discussions from economists in every rapid evolving field, from financial types, from reporters and everyday news consumers, and from politicians across the spectrum. For some participants, it’s the most bitter invective you can hurl. It explains the moral decline
Is there a conspiracy to create a digital payment society? Yes, conspiracy theorists arise as always. Everyone loves a good conspiracy theory, so why not have one that deals with something near to us, our money. But not just our money, but how we spend it as well. How we
What is Cryptocurrency On-Ramps and Off-Ramps? In the world of cryptocurrency, getting money in and out of the ecosystem required the use of Cryptocurrency On-Ramps and Off-Ramps. Simply stated on-ramps and off-ramps are cryptocurrency exchanges that allow for deposit and extraction of value from a Cryptocurrency Exchange. Cryptocurrency On-Ramp
What is a Merchant Category Code (MCC)? Merchant category codes (MCC) are four-digit numbers used by an issuer of a credit card to categorize the purchases that customers complete using a particular card. There are several meanings of merchant category codes. They also decide the incentives that customers earn for
QR Code payment QR code payment is a contact-less payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. QR codes are two-dimensional quick response codes that are
What is a prepaid debit card? A prepaid debit card is an alternative banking card that only lets you spend the money you load onto the card. Like a debit card, a prepaid card works at any merchant that accepts its payment network, such as Visa or Mastercard. It’s safer
The payment revolution. The tipping point of the revolution occurred in 2003 were the electronic systems surpassed the use of cash and checks in stores. By 2005,its accounted for 55% of in store payment. Similar trends occur for recurring payments. In 2001, More than 75% were made by paper-based method
How digital payments can help China cope with pandemics. Digital payments allow people to access goods and services while in quarantine or social distancing. SARS epidemic in 2003 expedited China’s path in launching digital payments and e-commerce in the country. A robust identification system, widespread, consistent internet access and trustworthy ways
