Dongyao Nie
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China’s Digital Payment Revolution: Lessons for Libra

China’s Digital Payment Revolution: Lessons for Libra

Since Facebook announced its new digital currency project “Libra,” it has faced fierce pushback from global regulators and financial sectors. Libra, designed with an associated global payment system, has the ambition to make monetary transactions as convenient as messaging for billions of people worldwide.Libra is joining a global online payment revolution led by China, where nearly are made. QR codes have conquered China’s stores, restaurants, and public transportation for instant payments; using cash and credit cards is obsolete. Mobile payment platforms such as Alibaba’s Alipay and...

July 17, 2019
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