China could become first country to stop using paper money

A woman makes a purchase with her smartphone at a shop in Beijing on June 27, 2017. [Photo/VCG]

As the first country in the world to use paper money, China is expected to also become the first to stop using paper money due to the soaring popularity of mobile payment platforms, analysts forecasted on July 24.

Currently, more Chinese consumers are getting used to paying for daily expenses with their smartphones instead of cash. Rapid development of online shopping and e-commerce has created a good environment for digital payment consumption in China.

The mature online payment system makes it possible for Chinese consumers to become the first to stop using paper money in the world, according to analysts.