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.
Brookings Institution , Published on Jun 18, 2019

Brookings
2019 JUN 17

China’s payment system: Revolution, evolution, or passing fad?

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.

Report: China’s payment system: Revolution, evolution, or passing fad

Aaron Klein
Fellow – Economic Studies
Policy Director – Center on Regulation and Markets

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