Alipay is one the most interesting pieces of technology to come from China.
People in the West ridicule it, because they already have their own credit card systems.
But think about it. With just a picture of a QR code, anyone can transfer money to you, via their smartphone.
No more need for a fancy credit card swipe terminal. No more credit card insecurity. No need to use the credit card chip which often doesn’t work.
No more worrying that some company got hacked, and your credit card number is floating around out there, just waiting to be harvested, and your identity stolen.
Since it was you, that authorized the purchase with your smartphone. And you get immediate confirmation of the transaction.
The processing technology of Alipay got offloaded to your smartphone, and the internet, specifically 4G cellular technology.
And plus, the credit card companies, Visa and MasterCard, are just leaches anyways. They get to charge an insane 20% APR, which is far higher than mobsters can charge, and the credit card companies are legally allowed to do so. If the mafia was smart, then they should just start a credit card company, instead of breaking some poor schmuck’s arm for repayment.
Credit Card companies are the epitome of a debt trap. Once you get stuck, you forever fall into their quicksand, with fees, late fees, over draft fees, etc. And here is the screwed up thing: all of it is legal. It’s absurd that Congress allows these credit card companies to exist. Oh wait, who am I kidding. The bozos in Congress own stocks in these credit card companies, that’s why they allow this highway robbery to exist legally.
The fact that credit card companies charge 3%, just means that everything is 3% higher.
The cash spenders are subsidizing the credit card swipers. And the cash back rewards programs are a complete gimmick. Since you’re totally paying for the rewards itself just from the increased 3% fee on everything.
Anyways, the sooner that something else comes along to eliminate these dinosaur credit card companies, the better off the world will be. But who am I kidding? That’ll never happen.