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Risks Need to Be Considered to Achieve Cashless Society

Many users of mobile payment apps are lax about security, so authorities need to step up regulations to prevent fraud

By Zhang Qingchen Updated Jun.12

While more people in China are using mobile payment apps such as WeChat Wallet and Alipay  and rarely use cash, Zhang Haiyan, writing in the Legal Daily, commented that due to online transaction fraud, it is too early to say that there will be a truly cashless society. 

Zhang argued that declaring a cashless society is premature, since there are still some people who are used to paying with cash or debit and credit cards and not all cashless payments are safe.  

The convenience is an apparent advantage of mobile payments, but Zhang said its risks cannot be overlooked, such as loopholes in the apps or phone systems, the risk of losing your cellphone and QR codes with viruses. 

According to Zhang, a cashless society should be built based on joint efforts between mobile payment operators and supervisory departments. The former should bear responsibilities for security, and continue to optimize the identification and prevention of risks, and the latter should propose a series of requirements and regulations in terms of QR code technology. There can never be no risk, so people should use their common sense and knowledge when it comes to mobile payment security, he said.