China’s digital transactions adoption serves as a framework model for countries like Pakistan to enhance digital payment ecosystem.
China is increasingly transforming into a cashless society as digital transactions have become common throughout the country.
The data by Statista projects the global digital payments market will hit $11.55 trillion in 2024, with China leading at $3.74 trillion.
This transitioning holds valuable lessons for countries like Pakistan, as the digital payment ecosystem continues to strengthen in China. The trend of digital transactions extend beyond urban areas, into the rural regions, helping the small businesses and residents to adapt to the digital technology there.
Monis Rehman, CEO and Co-Founder of Dukan highlights that China’s experience in adoption of digital transactions offers valuable insights to Pakistan. He further underscored that Pakistan can adapt to China’s diverse strategies and tailor them according to its own standards.
Rahman, while exploring the streets of Guangzhou noted that China did not use a single, unified QR system that is similar to UPI, RAAST or PIX. Instead multiple banks employ their own distinct QR codes for transactions.
He observed that most shops display two QR codes: green ones for WeChat and blue ones for Alipay, because of incentives encouraging this practice. Similar to Pakistan’s multiple POS machines, Chinese stores commonly use multiple QR codes for transactions.
