6 days ago • Posted by Martin Boujol
China has been one of the quickest adopter of digital payment systems
Beijing jumped on digital payments as it enables the central bank to track all transactions at an individual level in real time. This helped the country battle money laundering, corruption and financing terrorism. The value of cashless payments amount to $532.9 trillion, around 37% of their GDP. Only the UK has digital payments representing over 40% of their GDP, but the total amount is only of $118.7 trillion.