Going cashless comes with its pitfalls...
In China, cash is no longer king. People use e-payments to pay for everything, and while this makes paying for goods and services much more convenient, there are some pitfalls to going cashless. One common mistake is accidentally paying thousands of dollars for an everyday item.
In Zhengzhou, Henan province in China, a man accidentally paid almost 150,000 yuan (around S$31,600) for a single steamed bun, reports South China Morning Post. These steamed buns cost only 1.50 yuan each (around S$0.30)
“The store has been open for seven or eight years and every month makes over 10,000 yuan,” He Liuzhu, the owner of the shop, said. “The 140,000 is equivalent to a year’s income.”
He Liuzhu thinks that the man might have entered his pin when transferring his money. He is now trying to find the customer to give him his money back.
He checked the CCTV footage, but the customer bought his bun at 5 pm, which is peak sales time. Thus, the store owner could not single him out from the crowd. The store owner has reported the incident to the e-payment provider Alipay.
The Chinese e-payment market accounts for 42% of the world's e-commerce transactions
South China Morning Post reports that China's third-party payment market has grown to 35.9 trillion yuan, representing half of the country's GDP in 2016. Alipay is the most popular e-payment provider, with 39% market share, followed by Tenpay, with 27%.
E-payments have taken over China, but as this story proves, convenience does have its cons.
Have you made a similar mistake to this man who accidentally pays thousands for a steamed bun? Share your stories in the comments!
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