One of the idiosyncrasies of China’s huge appetite for luxury goods has been the high sales of man bags – a niche item in the west. Their popularity initially reflected not just the fondness of the newly rich for conspicuous consumption, but also the practical need to carry large wodges of banknotes in a country that hadn’t truly embraced credit cards. Early last decade, it was unremarkable to pay a quarter’s rent or buy a car in cash.
Yet even vegetable sellers in small markets, or people begging on the streets, now use QR codes. By 2020, 98% of people in a survey said they most commonly paid using smartphone apps. The advantage, for the consumer, is convenience. For the authorities it offers not only efficiency but oversight, in a country which is battling corruption and which closely surveils its citizens. Beijing has also been promoting a “digital yuan” developed by its central bank.
