Paper money was first used in China during the Tang dynasty. Fourteen centuries later, China is giving a new spin to the concept of currency itself. Money Mind explains how the project could transform the international financial system – and give new currency to the meaning of money.
SINGAPORE: China is already number one in the world for mobile payment penetration, with 790 million people expected to be using such payments this year.
Chinese consumers logged more than 60.5 billion mobile payment transactions in 2018, with spending at 277.4 trillion yuan (US$39 trillion) – a huge leap for what was once a mostly cash economy.