This paper examines the profound impact of economic, technological, and societal transformations over four decades of reform and opening-up on China’s payment systems, using the evolution of payment methods as its entry point. From the era of vouchers and coupons to the cash-based era, and finally to the age of mobile payments, the succession of payment methods not only reflects technological progress and economic development but also mirrors the far-reaching influence of reform and opening-up on social lifestyles. The widespread adoption and convenience of mobile payments demonstrate the achievements in information infrastructure development during the new era of socialism with Chinese characteristics. Drawing upon questionnaire surveys and field research data, this paper analyses the historical trajectory, underlying drivers, and significance of payment method evolution for people’s livelihoods. It concludes that the development of payment systems constitutes a tangible manifestation of the major achievements of reform and opening-up.
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Share and Cite
Su, J., Han, H. (2025) The evolution of payment methods and its reflection of reform and opening-up achievements: A perspective on mobile payment development. Hong Kong Financial Bulletin, 1(3), 29-35.