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    Half Tones

    China’s Mobile Payment Generation Amused by New Banknote

    Nov 27, 2018

    When the People’s Bank of China on Friday began issuing 50-yuan ($7.20) banknotes to commemorate the 70th anniversary of the renminbi, it probably didn’t expect the move to elicit such a strong reaction from netizens.

    Over the weekend, comments about the gold color scheme and image of the People’s Bank building were in the minority: Instead, most netizens seemed far more eager to observe that in China’s major cities at least, cash is fast becoming obsolete. As of Tuesday afternoon, the hashtag “I haven’t used cash in a long time” had been viewed over 170 million times on Weibo. Some of the more colorful comments include “I only go out with my mobile phone” and “I never carry so much as a coin.”

    Mobile payment apps WeChat and Alipay — owned by Tencent and Alibaba, respectively — are largely responsible for the country trending toward a cashless future. As of July, an estimated 890 million people in China were using at least one mobile payment platform. (Image: From @顺德发布 on Weibo)