News Analysis
The electronic payment (e-payment) industry and RMB digital business have been rapidly pushing forward over the past year in China, highlighting the way money will be more easily controlled by the ruling Chinese Communist Party (CCP).
Compared to other payment methods such as cash, bills, or bank cards, e-payments are often more convenient, faster, and not restricted by time and location.
However, a widely used e-payment model would make money flow more easily controlled by authorities or hackers.
By the end of 2021, out of more than 4,300 licensed institutions engaged in payment clearing and settlement services in China, 4,096 banking institutions had over 19.3 million users, said a recent report by the Payment & Clearing Association, according to China Financial News on June 15….