Mobiles Wallets: Different private companies in China provide the wallet services. Customers can store money in the wallet and also can pay the bills and the other expenses whenever they want . In the contemporary age, the new concept of Mobile Wallet has come in the Chinese market that helps to encourage consumers to make online transaction. On the other hand, customers are having the opportunities of getting coupons. These mobile wallet concepts are helping to uplift the online transaction in the Chinese market. People are able to add money to the wallet from the bank account as well as they are also able to transfer money to the bank account. This process is uncomplicated and fast enough so that people are capable of sending money in a fraction of seconds . Most of the network service providers give the wallet facilities to the customers and they give good rate of interests on the wallet money. This type of cashless payment tools is more preferable and reliable for the consumers .
The researcher has gathered the information from the various sources in the market about the knowledge and experience of the people regarding the cashless payments. Most of the developed countries in the world accepted the online transaction to take major steps against the corruption (Sung, Awasthi and Lee, 2017). In case of the cashless transaction, a clear evidence for every activity is there. On the other hand, there is no structural evidence in case of cash payments. Without any evidence, chances of corruption will always be there.Toface this problem,governments of different countries would take the decision to move towards the cashless payment system. The cashless payment mode is very easy to each and every customer. The customers only need to remember the password (Appiah, Mawutor and Owusu-Dankwa, 2016). At first, the old people and the inexperienced people of the China faced the problems regarding the ATM transaction and the EDC transaction. But in the present market, average 70% old people are using the debit and credit cards. Based on the above assumptions, it is identified that most people of the China also accepted the cashless payment system but the payment modes and transaction modes of the older people and the younger people are different (Sung, Awasthi and Lee, 2017). The older people are more prefer the debit and credit cards for the cashless payments and most of the younger people in China are using the online payment, wallets and the mobile banking by using their smart phones. It is clear that the response of the Chinese with a view to the cashless payment system is very effective (Goyal, 2017).
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