China’s payment system: Revolution, evolution, or passing fad?
Past Event
More than 50 years ago, a group of restaurants and frequent diners in New York City came up with an alternative payment system based on an account and a card. Today, that magnetic-striped card is a globally accepted standard model for payments.
A few years ago, two large companies in China came up with an alternative payment system based on QR codes, smart phones, and accounts that don’t require banks. Is this the next revolution in payments or simply an alternative system for an alternative mode?
On June 17, Aaron Klein, fellow in Economic Studies, released a new report detailing how China’s payment system works, what it means, and what lessons the United States can take away. After the presentation, a panel of experts discussed China’s new payment system.
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Agenda
Introduction
Aaron Klein
Miriam K. Carliner Chair - Economic Studies
Senior Fellow - Center on Regulation and Markets
Report: China’s payment system: Revolution, evolution, or passing fad
Aaron Klein
Miriam K. Carliner Chair - Economic Studies
Senior Fellow - Center on Regulation and Markets
Session Materials
Panel Discussion
David Dollar
Senior Fellow - Foreign Policy, Global Economy and Development, John L. Thornton China Center
Claudia Biancotti
Visiting Fellow - Peterson Institute for International Economics
Frank Tuscano
Senior Manager - Royal Caribbean Cruises, Ltd
Yiping Huang
Director - Institute of Digital Finance, Peking University
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[Suggesting that trilateral meetings between China, South Korea, and Japan be revived] is a way to say this is not zero sum and this is not an anti-China development. It’s smart diplomacy to be saying this.
