Electronic Data Capture (EDC): Various cashless payment tools are used there in China. The Chinese government increases the Electronic Data Capture machines all over the country . All the shopping malls and restaurants use the electronic data capture machine as an easy payment option. The Chinese government gives rebates for using online transaction, so the customer is excited to choose the online transaction option. In case of online shopping, the shopping sites give rebates on different products in a large amount and the customers get the products in minimum prices in comparison with rest of the market (Howe, 2016). The customers get free home delivery option so they do not need to go to the market for purchasing the products. Most of the online shopping companies provide the cash on delivery system to the younger generation of China for changing the market trend.
Net Banking: The people of China used the net banking option to transact and transfer the amount from the bank account. The people of China are transferring the large amounts from one account to other so the public do not need to carry the huge amount with a lot of risks. No extra charge is needed to access the net banking facilities. The people can get all the information at a time from home. Most of the companies in China make the payment of the employee’s thorough net banking facility so it is one of the best benefits to the company as well as the customer (Dorsey et al., 2016).
Mobile Banking Facilities: Mobile banking facilities is more popular to the young generation because a large number of the young mass in China prefers to use smart phones. The government banks of China run the mobile banking system through the mobile application. People can get detailed information about the accounts in the mobile phones. The consumers pay the bill, make the recharges, transfer the money, purchase, and make payments online with the help of mobile banking (Pechinko et al., 2017). There is a competition among the banks regarding mobile banking and that is why the private and the nationalized banks give additional discounts on any types of products, billing and other purposes. There is no need to say that these are in order to increase the number of their customers, rather it can be defined that banks do not take any charges for the cashless payment from their customers. In this case, offering online payment facility has influenced Chinese banking consumers to move towards the online payment option.
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