Brookings Institute Report on Chinese Payments System

Over the past decade, China has leapt forward tremendously in payments, while the US is still mailing checks and signing credit card receipts. A new Brookings Institute paper by Aaron Klein takes us deep into the world of Chinese payments and shows how far we in the West have to go just to catch up. Klein shows us that in Asia payments are integrated into commerce, whereas in the West they are still part of the banking apparatus. That’s a big deal. This is important reading:

Report on Chinese Payments