Company New

The Promotion of A Cashless Economy

A Cashless Economy

cashless economy

cashless economy


With the rapid development of mobile payment, the cashless economy of China makes a remarkable achievement.

According to a recent survey, 70% of mainland netizens show they don’t need cash for everyday life.

Alipay, the most used mobile payment system in China, plans to become cashless economy within five years.


The Promotion of A Cashless Economy

Recently, a twenty-eight-year-old German-born boy, Thomas Derksen posted a public letter to German Chancellor Angela Merkel on Facebook.

cashless economy

cashless economy

In his public letter, Derksen spoke highly of China’s booming cashless economy in particular as following.

  • “No matter if I want to pay the taxi driver, buy flowers for my wife, buy a bottle of water, or even pay my electricity bill, I can do all that with my mobile phone.”
  • “Mobile payment not just helps us save time, is safer and more convenient for customers and vendors, but also is more sanitary and economical.”

In addition, living in Shanghai, China, for ten years, Derksen witnessed the rapid development of Chinese innovation.

  • “As a qualified bank clerk in Germany, I experienced how important cash still is for the Germans.”
  • “Germans are very conservative, fearing the potential risks of new things. Chinese people, on the contrary, are very willing to try something new.”
cashless economy

cashless economy

UnionPay join in Cashless Economy

UnionPay launches QR code facility with 40 Chinese banks.

Besides, it’s reported that many banks are preparing to release a QR payment facility at the end of the year.

it’s including the ICBC, the Agricultural Bank, Bank of China and China Construction Bank.

What’s more, customers can pay for a mobile application to scan merchant’s QR code.

They just need a phone with a camera function.

Meanwhile, for boosting the service, UnionPay will offer a 38% discount to people in China by scanning code to pay from June 2, 2017.

Then, UnionPay for scaning code will first appear in Hong Kong and Singapore.

Experts see the introduction of such mobile friendly payment systems as speeding up the transition to a cashless society.

Up to now, Alipay and WeChat have dominated the QR/Mobile payment sector.

Cashless Economy brings electronic products

Milestone has made many products to meet Cashless Economy.

Like mobile POS terminal V1 and V3, you can use them to make the payment from scanning codes. At the same time, V3 also offers you the magnetic card reader and NFC sense.

And besides, there are barcode and QR code scanners, which is convenient to the merchant for scanning clients’ codes.




For example:


  • F1 is a wired barcode scanner.
  • M2 is a wireless barcode scanner with a receiver.
  • M16 is a wired QR code scanner with USB cable.

Furthermore, we have card reader:

  1. IC card reader
  2. ID card reader
  3. Magnetic card reader like 400 and 900

Any needs please feel free to contact us on or

Thanks for your reading.