Cheap, convenient, and controllable in terms of security, the use of Quick Response codes has become prevalent, and they are now an increasingly popular way of making payments for both Chinese retailers and customers.
This has prompted the country to seek advancements in mobile payments, e-commerce, and also social governance.
China's pursuit of a cash-free society is not without problems. The central bank temporarily banned QR payments following media exposure of its security risks in 2014.
Two years later the Payment and Clearing Association of China, the nation's regulatory body for the industry, issued a rule allowing its members to promote mobile payments on the premise that the risks are basically under control.
Technologies such as digital signatures and encryption guarantee that the generation and the use of QR codes are increasingly secure and fewer users are exposed to financial losses and information leaks.
Hence it is time for the authorities to scale down their intervention and allow market players to take over on the basis of public opinions.
(China Daily)
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