Reporter
angelo.jedidiah@guardian.co.tt
It’s been two months since I arrived in China, and I still haven’t found my wallet—a feeling I’ve grown to enjoy.
Upon landing in Beijing, I exchanged my local TT currency for Chinese yuan, aware that China leads in digital payments. However, I was caught off guard during my first attempt to buy bottled water.
The cashier looked at me, clearly disappointed. Although my Mandarin was limited, I understood the price on the label and handed over the cash.
“WeChat. No cash,” the Chinese cashier attempted to communicate.
Though familiar with WeChat, I hadn’t installed it yet. I tried explaining this, and after some hesitation, the cashier reluctantly accepted my cash.
Clearly, I had a lot to learn over these next four months.
Once I arrived at my accommodation, my Chinese colleagues immediately installed WeChat on my phone without me having to ask.
WeChat is China’s ‘super app.’ Think of WhatsApp, but with a long and wide range of features of other apps in one singular app - including the ability to make payments with ease.
Alongside WeChat, I also linked AliPay – another digital payment app but with more global reach.
Although China has not yet become entirely cashless, the infrastructure is definitely present to be cash-free and even card-free. Even in the local vegetable markets.
As I shopped more, I noticed how effortlessly cashiers would raise their barcode scanners to scan my QR code, which I often forgot to display in advance on my phone.
Sometimes, all that the purchasing process entailed was me scanning the establishment’s QR code myself and inserting my billed amount. The money would easily be deducted from my local bank account, foreign debt bank card or credit card.
Again, this was new to me so I would have stayed 15 seconds longer than locals. I realised this as I felt the eyes of those behind me growing impatient with my unfamiliarity with the cashless system.
However, I had comfort knowing that I was not alone in my struggle.
“Cross-border payments are more manageable. Cashless payments eliminate time spent securing foreign exchange, the limitations of foreign exchange controls, and obtaining cash in various currencies,” Antiguan blogger and economist Petra Williams told Guardian Media.
Williams, one of 10 Caribbean journalists selected for this media exchange, also had to adjust but welcomed the simplicity of using just her phone. Also eliminating the need for a purse.
“There is no need to worry about having cash on hand or issues such as theft or misplacing cash. My only major concern is exposure to cybersecurity threats, including theft of funds and double billing, both of which require careful and regular scrutiny of transactions to minimise risk,” Williams added.
For Chinese national Siqi Lin, a cashless society means less mental math, which the university student jokingly admits is a relief.
Lin also jokingly admitted (I hope) the only recent time she ever had cash in her possession was thanks to my Caribbean peers and I. As we relied on her to lessen our amount of cash.
Lin also recognised our not-so-healthy spending habits, which she related to, but added that it can also improve financial management.
“I spend more money on shopping. It is just so convenient. Sometimes you don’t feel like you are paying for things when you do the purchasing,” Lin said.
Cashless society in T&T
The word ‘digitalisation’ has been uttered by many Trinidad and Tobago politicians over the years. Now, the term ‘cashless society’ has been added.
In August, Finance Minister Colm Imbert echoed support for the T&T International Finance Centre’s (TTIFC) plan to implement a local cashless system.
But according to Chinese national and recent IT graduate from the University of the West Indies, St. Augustine, Rongzhen Chen, while there are some logistical concerns, he believes it can work.
“WiPay exists already. The problem is how do we convince an entire country to use it. Something I’ve been pondering for a long time. It can definitely work. But it needs all parties to agree... and have a good digital system in place,” Chen said.