Two Chinese companies – Alibaba and Tencent – have developed a new payment system that relies on digital wallets, smart phones, and QR codes, not on banks or bank-issued credit like the system prevalent in United States. Senior Fellow David Dollar is joined by Aaron Klein, the policy director of the Center on Regulation and Markets, to discuss the details of China’s system, whether it might become more common outside China, and the impact similar advances in financial technology could have around the world.
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