China Takes Steps to Become First Cashless Society After COVID-19

Source: The National

As contactless payments become the norm amid the worldwide pandemic response, China rolled out its digital currency this month in four cities, setting it up to become the world’s first cashless society.

The digital yuan is a public-private initiative, being tested in Shenzhen, Suzhou, Xiongan and Chengdu by franchisees like McDonald's and Starbucks, and other local businesses. It is a “game-changer” in financial services, Nameer Khan, chairman of the Mena FinTech Association, told The National, for a country that badly needs a break.