Round Table China Mobile money erases China's ATMs
May 29, 2025
ATMs in China have plummeted to 800,000, marking a significant shift as mobile payments take over daily transactions. While younger urbanites revel in cashless convenience, this trend risks sidelining the elderly and rural residents who still depend on physical cash. The conversation highlights real-life stories illustrating this generational divide. Moreover, the declining ATM usage raises questions about financial inclusion and the need for innovative solutions to support those struggling with the digital shift.
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Late ATM Use for Cash Gifts
- Lai Ming and Niu Honglin last used ATMs mainly to deposit cash gifts from elders after visits to their hometowns.
- This shows ATMs are now mostly used for occasional cash handling, not daily transactions.
Digital Payments Reach Rural Areas
- QR code payments have become ubiquitous including among street beggars in rural areas.
- This shows digital payments have deeply penetrated all social levels in China.
Using Alipay Abroad Anecdote
- Niu Honglin used Alipay on a recent trip to Malaysia despite carrying cash, he didn't use any physical money.
- This illustrates digital payment convenience extends beyond China to other Asian countries.