Summary of Martin Chorzempa's The Cashless Revolution

By IRB Media

Please note: This is a companion version & not the original book.

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#1 In the early 1990s, when I was working in Beijing, I saw how the internet was the future of finance. A billion Chinese people now have an abundant choice of investments, loans, payments, and a host of conveniences, some of which surpass what is available in the United States.

#2 Chinese tech companies Tencent and Alibaba were able to overcome the payment issue by building their own systems, which they then integrated into their platforms to offer a full range of services.

#3 China’s fintech industry was a product of political support, which allowed tech companies to break through the moat surrounding state-owned banks and disrupt them.

#4 Chinese tech companies Tencent and Alibaba were able to overcome the payment issue by building their own systems, which they then integrated into their platforms to offer a full range of services.

• Language: English
• Publisher: IRB Media
• Release date: Oct 12, 2022
• ISBN: 9798350034462

IRB Media

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Insights on Martin Chorzempa's The Cashless Revolution

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 1

#1

In the early 1990s, when I was working in Beijing, I saw how the internet was the future of finance. A billion Chinese people now have an abundant choice of investments, loans, payments, and a host of conveniences, some of which surpass what is available in the United States.

#2

Chinese tech companies Tencent and Alibaba were able to overcome the payment issue by building their own systems, which they then integrated into their platforms to offer a full range of services.

#3

China’s fintech industry was a product of political support, which allowed tech companies to break through the moat surrounding state-owned banks and disrupt them.

#4

Chinese tech companies Tencent and Alibaba were able to overcome the payment issue by building their own systems, which they then integrated into their platforms to offer a full range of services.

#5

When the Chinese government allowed foreign investment into the country’s tech sector, it paved the way for start-up companies like Tencent to accept foreign money.

#6

Chinese companies have been able to overcome the payment issue by building their own systems, which they then integrated into their platforms to offer a full range of services.

#7

China had no payment infrastructure in 2000, which prevented Chinese tech companies from charging users directly for services. The government created a monopoly called China UnionPay in 2002 to handle this task.

#8

Chinese tech companies Tencent and Alibaba were able to overcome the payment issue by