Bitcoin/Banking

Young people and their phones are shaking up banking

“I STARTED THE business because I love milk tea myself,” says Peng Yuxia. Meet the Cow, her shop in Hangzhou, 200km south-west of Shanghai, sells the cassava-based hot drink, also known as bubble tea, to passers-by—and, increasingly, to customers who pre-order on their phones. Recently she signed up to a small-business programme run by Ant Financial, China’s biggest fintech firm, which has its headquarters nearby. Now customers can order in advance from within Alipay, Ant’s payment app, and she has seen total numbers rise from about 50 a day to nearer 70. Payment is by scanning a QR (quick-response) code—so easy, …
Banking Industry News