As for security risks on the virtual payment platforms, Tim Lee Ying-ho, co-founder of Beijing QFPay Technology Co Ltd, noted the loss of privacy on the internet was unavoidable as personal information was easy to access online. Every user move made online builds a digital profile in the archives of Google, Taobao, Amazon, Facebook, Baidu, etc. For security, consumers may choose to share information only on platforms known to have integrity and respect for the privacy of users, Lee said.

QFPay monitors the behavior patterns of its users, matching them to services offered by the merchants on its list. They draw the attention of target groups for products by designing tailor-made advertisements, or connecting start ups with potential clients.

In a cashless world, in theory, one doesn't have to carry wads of banknotes or small change. It also minimizes the risk of getting mugged on the street or burgled at home. But criminal ingenuity has hacked even the most secure databases of military, banks and government institutions. Cashless transactions and virtual wealth is yet another frontier in the digital evolution of society to manage, like all other man-made systems. Nothing is foolproof.

(HK Edition 09/13/2016 page8)