Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era

Research Article
Open access

Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era

Jingze Li 1 , Junze Ma 2 , Chongkai Tang 3* , Dezhi Zeng 4
  • 1 City University of Macau    
  • 2 Beijing No. 19 High School    
  • 3 Shanghai Lixin University of Accounting and Finance    
  • 4 Southwestern University of Finance and Economics    
  • *corresponding author 201910935@stu.lixin.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/39/20231944
AEMPS Vol.39
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-099-8
ISBN (Online): 978-1-83558-100-1

Abstract

In recent years, under the influence of the COVID-19 pandemic, China's digital payment system has encountered significant opportunities, challenges, and changes. The digital payment system mainly includes three parts: electronic currency, electronic payment, and digital currency. This paper takes the perspective of the post-pandemic era and integrates the previous research on the digital payment system. It comprehensively analyzes the current situation, challenges, and development opportunities of China's digital payment system from different angles by examining the development of China's digital payment market. It is found that the pandemic has stimulated the continuous development of digital payment, gradually replacing cash settlement. In the post-pandemic era, emerging industries have shown strong vitality for digital payment. However, digital payment also has risks of inadequate information security, digital divide, and private enterprise monopolies. In the post-pandemic era, digital payment has more development opportunities and presents a sustainable development trend with the promotion of legal digital currency, stimulation of emerging industries, and support of government policies. This article proposes corresponding forward-looking suggestions from the perspectives of governments, companies, and individuals to further promote the development of China's future digital payment system in response to the above risks. Specifically, it should improve risk control and data security protection mechanisms, help vulnerable groups cross the digital divide and mobile payment dilemma, and accelerate the promotion and use of China's legal digital currency.

Keywords:

digital payments, COVID-19 pandemic, digital currency, financial technology

Li,J.;Ma,J.;Tang,C.;Zeng,D. (2023). Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era. Advances in Economics, Management and Political Sciences,39,104-113.
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References

[1]. Ouyang, R. H.: Digital technology, digital payment and good digital life. Mass Talk 10,17-20 (2021).

[2]. Cao, M.: Challenges and Strategies for Digital Payment Security in the Post-Epidemic Era. Chinese Credit Card 04,12-15 (2021).

[3]. Hu, P.: "Mobile payment ushered in a new windfall, various parties suggested to promote the development of the industry.". Financial Times 006, (2020).

[4]. People's Bank of China Langfang Central Sub-Branch Subject Group., Sun, J. H.: Mobile Payments Under the Impact of the New Coronary Pneumonia Epidemic. Hebei Finance 012, (2021).

[5]. Tang, Y., Lei, P. R., Sun, K. F., Dai, L., Li, Y. X., Lan, M. X.: Crossing the Digital Divide: An Analysis of Factors Influencing Older Adults' Willingness to Use Mobile Payments. Scientific Research on Aging 9(10), 36-46+78 (2021).

[6]. Zhang, Y.: Controversies and Possibilities of Centralized Regulation of Digital Payments. Chinese Distribution Economy 011, (2019).

[7]. Notice of the General Office of the Xiamen Municipal People's Government on Printing and Distributing the Implementation Plan for Further Strengthening Financial Support to Prevent and Control the Novel Coronavirus Pneumonia Epidemic. Bulletin of the Xiamen Municipal People's Government 04,4-7 (2020).

[8]. Chen, J. B., Li, A.: Analysis of the Changes and Impacts of Payment Behavior in County Areas under the Impact of the New Coronary Pneumonia Epidemic. Beijing Financial Review, 01, 105-108 (2020).

[9]. Wang, Y.: Mobile Payment from the Perspective of the Epidemic: Market Opportunities and Potential Challenges. Western Finance 10, 68-72 (2020).

[10]. Wang, W. G.: A Brief Discussion on the Impact and Opportunities brought by the New Crown Pneumonia Epidemic for Commercial Banks' Online Financial Business. Statistics and Management 35(04), 37-41 (2020).

[11]. Chen, X. Y., Wang, Q., Li, X. L.: Exploring the Development Practice and Prospect of Digital RMB. Qinghai Finance (08), 43-47 (2022).

[12]. Sun, N. H., Fu, D. L.: Theoretical Logic and Role Mechanism of Legal Digital Currency to Smooth the Domestic Circulation. Study and Practice (03), 42-53 (2023).

[13]. New "Yuan Butler" Service on Digital RMB App. Modern Commercial Banking (19), 12-13 (2022).

[14]. Chen, B.: The New Role of "Epidemic" in Payment Warfare with Firm Confidence and Mission. China Credit Card (04), 9-13 (2020).

[15]. Yu, X. L.: Challenges and Trends of Global Payment Security. Tsinghua Financial Review (03), 104-106 (2021).

[16]. Yang Y., Hu R.: The Problem of Personal Information Leakage and Prevention under Mobile Payment. Cooperative Economy and Technology 612(13), 190-192 (2019).

[17]. Zhang, Y.: Rights, Capabilities and Dignity in the Age of Technology: The Digital Divide of the Elderly as an Example. Morality and Civilization (03), 145-151 (2023).

[18]. Tang, W. H., Li, M., Chen, Y. H.: New Crown Epidemic, Technological Progress and Digital Divide Reduction. Journal of Jiangsu Administrative College (02), 61-67 (2022).

[19]. Pi, J.Y.: Research on the Regulation of Third-Party Payment Platforms' Abuse of Market Dominance. Jiangxi University of Finance and Economics, (2022).

[20]. Yang, L. H.: Anti-monopoly Law Regulation of Competition in the Third-Party Payment Industry. Legal Business Research 36(06), 127-138 (2019).

[21]. Wang, W.: Research on the Current Situation and Countermeasures of the Digital Divide among the Elderly in the Post-Epidemic Era: Based on the Survey of the Use of Smartphones by the Elderly in Zhuhai City. New Media Research 8(12), 1-7+51 (2022).

[22]. Song Y, Qian C, Pickard S.: Age-Related Digital Divide during the COVID-19 Pandemic in China. International Journal of Environmental Research and Public Health 18(21), 11285 (2021).

[23]. Jun, W.: The Development of Private Digital Currency in China and Its Enlightenment to the Promotion of Legal Digital Currency. Asian Journal of Economics, Business and Accounting 22(17), 20–33 (2022).

Cite this article

Li,J.;Ma,J.;Tang,C.;Zeng,D. (2023). Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era. Advances in Economics, Management and Political Sciences,39,104-113.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-099-8(Print) / 978-1-83558-100-1(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.39
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Ouyang, R. H.: Digital technology, digital payment and good digital life. Mass Talk 10,17-20 (2021).

[2]. Cao, M.: Challenges and Strategies for Digital Payment Security in the Post-Epidemic Era. Chinese Credit Card 04,12-15 (2021).

[3]. Hu, P.: "Mobile payment ushered in a new windfall, various parties suggested to promote the development of the industry.". Financial Times 006, (2020).

[4]. People's Bank of China Langfang Central Sub-Branch Subject Group., Sun, J. H.: Mobile Payments Under the Impact of the New Coronary Pneumonia Epidemic. Hebei Finance 012, (2021).

[5]. Tang, Y., Lei, P. R., Sun, K. F., Dai, L., Li, Y. X., Lan, M. X.: Crossing the Digital Divide: An Analysis of Factors Influencing Older Adults' Willingness to Use Mobile Payments. Scientific Research on Aging 9(10), 36-46+78 (2021).

[6]. Zhang, Y.: Controversies and Possibilities of Centralized Regulation of Digital Payments. Chinese Distribution Economy 011, (2019).

[7]. Notice of the General Office of the Xiamen Municipal People's Government on Printing and Distributing the Implementation Plan for Further Strengthening Financial Support to Prevent and Control the Novel Coronavirus Pneumonia Epidemic. Bulletin of the Xiamen Municipal People's Government 04,4-7 (2020).

[8]. Chen, J. B., Li, A.: Analysis of the Changes and Impacts of Payment Behavior in County Areas under the Impact of the New Coronary Pneumonia Epidemic. Beijing Financial Review, 01, 105-108 (2020).

[9]. Wang, Y.: Mobile Payment from the Perspective of the Epidemic: Market Opportunities and Potential Challenges. Western Finance 10, 68-72 (2020).

[10]. Wang, W. G.: A Brief Discussion on the Impact and Opportunities brought by the New Crown Pneumonia Epidemic for Commercial Banks' Online Financial Business. Statistics and Management 35(04), 37-41 (2020).

[11]. Chen, X. Y., Wang, Q., Li, X. L.: Exploring the Development Practice and Prospect of Digital RMB. Qinghai Finance (08), 43-47 (2022).

[12]. Sun, N. H., Fu, D. L.: Theoretical Logic and Role Mechanism of Legal Digital Currency to Smooth the Domestic Circulation. Study and Practice (03), 42-53 (2023).

[13]. New "Yuan Butler" Service on Digital RMB App. Modern Commercial Banking (19), 12-13 (2022).

[14]. Chen, B.: The New Role of "Epidemic" in Payment Warfare with Firm Confidence and Mission. China Credit Card (04), 9-13 (2020).

[15]. Yu, X. L.: Challenges and Trends of Global Payment Security. Tsinghua Financial Review (03), 104-106 (2021).

[16]. Yang Y., Hu R.: The Problem of Personal Information Leakage and Prevention under Mobile Payment. Cooperative Economy and Technology 612(13), 190-192 (2019).

[17]. Zhang, Y.: Rights, Capabilities and Dignity in the Age of Technology: The Digital Divide of the Elderly as an Example. Morality and Civilization (03), 145-151 (2023).

[18]. Tang, W. H., Li, M., Chen, Y. H.: New Crown Epidemic, Technological Progress and Digital Divide Reduction. Journal of Jiangsu Administrative College (02), 61-67 (2022).

[19]. Pi, J.Y.: Research on the Regulation of Third-Party Payment Platforms' Abuse of Market Dominance. Jiangxi University of Finance and Economics, (2022).

[20]. Yang, L. H.: Anti-monopoly Law Regulation of Competition in the Third-Party Payment Industry. Legal Business Research 36(06), 127-138 (2019).

[21]. Wang, W.: Research on the Current Situation and Countermeasures of the Digital Divide among the Elderly in the Post-Epidemic Era: Based on the Survey of the Use of Smartphones by the Elderly in Zhuhai City. New Media Research 8(12), 1-7+51 (2022).

[22]. Song Y, Qian C, Pickard S.: Age-Related Digital Divide during the COVID-19 Pandemic in China. International Journal of Environmental Research and Public Health 18(21), 11285 (2021).

[23]. Jun, W.: The Development of Private Digital Currency in China and Its Enlightenment to the Promotion of Legal Digital Currency. Asian Journal of Economics, Business and Accounting 22(17), 20–33 (2022).

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