1 . Lawmakers in New Jersey recently advanced a bill that would ban businesses from going cashless — a move that would make the state different from the global trend toward electronic payments but would strengthen resistance from local officials who see no-cash policies as unfair.
Almost l of 3 Americans in 2018 say they don’t use cash during a typical week of purchases, according to a Pew Research Center study released this week. The findings reveal that Americans are becoming less reliant on paper currency, which occurs similarly in Sweden, India and China.
But state and local officials say that restaurants and shops that adopt cashless policies have left some members of the community behind — individuals without the means to open a bank account or who lack access to lines of credit or the mobile apps that power digital payments.
The New Jersey measure, which would apply only to face-to-face sales and would exclude Internet and phone purchases, comes as officials push similar efforts to bar no-cash rules in New York, Philadelphia and the District.
While cashless policies offer consumers the promise of convenience and provide businesses greater protection against theft and dishonest record-keeping, they also can shut out low-income consumers or undocumented immigrants, critics say.
“Cash-free businesses are unfair by design and pose challenges to low-income communities that may not have access to credit/debit, ”New York City Council member Ritchie Torres said on Twitter last month when he introduced a bill that would ban the practice.
According to the Pew study, the decline in the use of physical currency is not following a regular pattern among the population when race, age and income are accounted for.Pew found a significant gap in cashless adoption tied to annual household income, with adults making at least $75,000 more than twice as likely to make all their purchases without using cash in a typical week, compared with people who make less than $ 30,000.
The Pew findings suggest that the benefits of going cashless may come with a cost that only some groups of people will bear. Americans with lower incomes are roughly four times as likely than higher earners to make all or almost all of their purchases with cash, according to the study.
As CNBC has noted, business leaders have defended cashless policies by pointing to higher security and improved customer service and efficiency, even as they acknowledge their critics. Some advocates have focused on providing people who are underserved by the traditional banking system with more affordable options, attacking the root cause behind the criticisms of cashless payments.
1. What may be the global trend towards electronic payments?| A．Countries in the world are banning digital payments in their own ways. |
| B．Most countries are experiencing the increasing digitalization of payments. |
| C．Most countries are proposing measures to discourage cashless policies. |
| D．Most countries are actively promoting the circulation of physical currencies. |
| A．People who refuse to open a bank account. |
| B．People who are against electronic payments. |
| C．People who don’t have access to financial institutions. |
| D．People who are unable to use mobile apps related to digital payments. |
| A．Promote. | B．Strengthen. | C．Stop. | D．Adopt. |
| A．Cashless Policies Do Harm to Economy |
| B．Digital Payment: a Terrible Choice? |
| C．Higher Salary, More Electronic Payments |
| D．Cash-Free Policy: Not a Perfect Choice for Everyone |
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| B．To make a comparison with the advantages of Epay. |
| C．To show a one-stop global payment solution. |
| D．To remind people not to use digital payments. |
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3 . Does Cashless Society Discriminate Against the Poor and Elderly?
The increasing prevalence of cashless payments, including mobile phone payments, digital payments and credit cards, in the world means that cash circulation is dropping worldwide. In major cities in China, over 90 percent of people use WeChat and Alipay as their primary payment method, ahead of cash. In the US, the use of cash is just 16% of total transactions and is expected to decline as cards growth accelerates.
In some countries, retailers may charge more for accepting cash or refuse cash payments altogether.
In addition to being locked out of retailers, low-income people who participate in cashless payments options face severe punishments for overdraft (透支) fees from their savings accounts and are actually more likely to be unqualified to receive credit cards who reward wealthy users for money spent.
Thus, there is a population who require cash and need to be addressed by retailers and companies. Governments can protect financial inclusion for people who are unable to participate digitally. In the US, The Cashless Retailers Prohibition Act of 2018 would make it illegal for restaurants and retailers not to accept cash or charge a different price to customers depending on the type of payment they use.
As society moves towards cashless payments, to ensure that all groups in society are able to fully participate in the changing landscape, governments should introduce laws to protect cash acceptance and be mindful of impact on disadvantaged groups when encouraging fintech industry.
| A．People who rely on cash subsidize (补贴) wealthier people who use credit cards. |
| B．Traditionally, possessing a bank account is required for participation in digital services. |
| C．Education can also play a part in helping the elderly adapt to digital payments. |
| D．Groups without the financial ability or adoption ability to participate in cashless payments risk being put at a disadvantage. |
| E．Two populations who are less likely to participate in cashless payments are the elderly and the poor. |
| F．In the US, many restaurants refuse to accept cash due to combination of incentives from credit card networks and the desire to create a frictionless experience for high-value customers. |
4 . As the pandemic continues to influence consumer behavior, the use of non-plastic payment methods is rising. But does this spell the end of the plastic credit card era?
Since the first Diners Club credit card was unveiled in 1950
much has changed. Recent technological developments and in-store consumer preferences could suggest times are changing. For some years now, various founders of financial institutions, as well as industry experts, have foreseen plastic credit cards or any other means of physical payment methods including cash will not be around much longer. They based their predictions on the light-speed growth of digital payment.
At the beginning of the global pandemic, governments took measures to protect their citizens, leading to lockdowns of varying degrees. The fear of contracting the virus through high-traffic ATMs and the refusal of merchants to accept cash can only be seen as a great addition to an already declared war on cash. Meanwhile, the urgency to spend a minimum time period in stores in order to avoid interactions led consumers towards digital solutions.
Furthermore, options like QR codes (二维码), NFC, and PINs have been around for a while but a true market breakthrough seems to only have happened since the beginning of the pandemic. According to Worldpay, without these telecommunication innovations, the shift in people’s payment behavior is out of the question. 86% of contactless adapters built into smart devices have seen themselves proceed with contactless payment. This trend will help to wipe out cash and plastic credit cards.
From a different perspective, countries like France, Italy, and Germany had almost 150 million smartphone users in 2019 alone. And it’s been reported that 80% of the transactions (交易) will be done via Internet-backed devices by 2025. And this figure will keep rising as more and more cheap smartphones are pouring into the global market. It is expected that e-wallets are going to be the most preferred payment method by then.
So, will there be a comeback for our beloved plastic spending power? I would put away my cash and plastic cards, switch on my phone instead of inserting cards, and present QR codes at a self-checkout instead of queuing behind a mass of people. I believe that many people think the same way.
1. What are the predictions in the financial circle about?| A．The Diners Club credit card will make a comeback. |
| B．Consumers’ preferences will be varied around the world. |
| C．The era of traditional payment will come to an end soon. |
| D．New technologies will cause the decline of physical stores. |
| A．The worldwide efforts to fight against the pandemic. |
| B．The economic slowdown caused by the pandemic. |
| C．The impact of the health crisis on ways of payment. |
| D．The public’s tendency to shop online during lockdowns. |
| A．The fast update rate of smart devices. |
| B．The existing digital payment technologies. |
| C．Many physical stores’ excellent online service. |
| D．The acceptance of digital payment among customers. |
| A．E-wallets will achieve increasing global popularity. |
| B．Smartphones will become cheaper and cheaper in the future. |
| C．Developed countries have high rates of Internet popularization. |
| D．The number of global smartphone users will rise by 80% by 2025. |
5 . As COVID-19 continues to influence consumer behavior, the use of non-plastic payment methods is rising. But does this spell the end of the plastic credit card era?
Since the first Diners Club credit card was unveiled in 1950, much has changed. Recent technological developments and in-store consumer preferences could suggest times are changing. For some years now, various founders of financial institutions, as well as industry experts, have foreseen plastic credit cards or any other means of physical payment methods including cash will not be around much longer. They based their predictions on the light-speed growth of digital payment.
At the beginning of the global pandemic (大流行病), governments took measures to protect their citizens, leading to lockdowns of varying degrees. The fear of contracting the virus through high-traffic ATMs and the refusal of merchants to accept cash can only be seen as a great addition to an already declared war on cash. Meanwhile, the urgency to spend a minimum time period in stores in order to avoid interactions led consumers towards digital solutions.
Furthermore, options like QR codes (二维码), NFC, and PINs have been around for a while but a true market breakthrough seems to only have happened since the beginning of the pandemic. According to Worldpay, without these telecommunication innovations, the shift in people’s payment behavior is out of the question. 86% of contactless adapters built into smart devices have seen themselves proceed with contactless payment. This trend will help to wipe out cash and plastic credit cards.
From a different perspective, countries like France, Italy, and Germany had almost 150 million smartphone users in 2019 alone. And it’s been reported that 80% of the transactions (交易) will be done via Internet-backed devices by 2025. And this figure will keep rising as more and more cheap smartphones are pouring into the global market. It is expected that e-wallets are going to be the most preferred payment method by then.
So, will there be a comeback for our beloved plastic spending power? I would put away my cash and plastic cards, switch on my phone instead of inserting cards, and present QR codes at a self-checkout instead of queuing behind a mass of people. I believe that many people think the same way.
1. What are the predictions in the financial circle about?| A．The Diners Club credit card will make a comeback. |
| B．Consumers’ preferences will be varied around the world. |
| C．The era of traditional payment will come to an end soon. |
| D．New technologies will cause the decline of physical stores. |
| A．The worldwide efforts to fight against the pandemic. |
| B．The economic slowdown caused by the pandemic. |
| C．The impact of the health crisis on ways of payment. |
| D．The public’s tendency to shop online during lockdowns. |
| A．The fast update rate of smart devices. |
| B．The existing digital payment technologies. |
| C．Many physical stores’ excellent online service. |
| D．The acceptance of digital payment among customers. |
| A．E-wallets will achieve increasing global popularity. |
| B．Smartphones will become cheaper and cheaper in the future. |
| C．Developed countries have high rates of Internet popularization. |
| D．The number of global smartphone users will rise by 80% by 2025. |
| A．Negative. | B．Favorable. | C．Unclear. | D．Hopeful. |
6 . When you place an order on Taobao, you know the money you pay doesn't go directly to the seller.Instead, it goes through Alipay, which keeps your money for a while.Then Alipay gives the money to the seller.
Most online sellers and shoppers like the third party online payment, but banks are not happy.
Whether Alipay or WeChat payment, they are both trying to attract more users and make online shopping easier. They have made the best of QR code technology.
| A．But WeChat payment is not the same |
| B．This is called the “third party online payment” |
| C．Among them, Alipay is the biggest in China |
| D．The reason is that these companies compete with them for money |
| E．Also, they promote sales through face recognitionpayment |
| F．Payment is one of the functions WeChat has |
| G．The bank doesn't allow the companies to do so |
7 . WeChat, one of the world’s most popular mobile apps and social networks, brought home iF Gold Award for its smart retail innovation, Scan & Go. It is the first ever Chinese product to win4 gold in the iF Service Design category.
Established in 1953, the German-based iF Design Award has always been known for its “Independent, Rigorous(细致的) and Reliable” standards.
Scan & Go enables shoppers at retail stores to turn their mobile phone into a virtual checkout counter. When shopping, customers use their mobile phones to scan product barcodes(条形码), view product information, get discounts, complete self-checkout, and pay directly within the app via WeChat Pay. There is no queuing up at the cash register.
According to statistics, sales during peak hours in traditional supermarkets account for 60% of total turnover, and on average customers spend three to five minutes on queueing and payment during peak hours. With Scan & Go, customers no longer have to queue, and the payment time is shortened to one minute.
In order to realize queue-less purchasing, the WeChat team greatly optimizes retailers’ in-store customer handling efficiency during peak hours, and enables overall management of the consumer traffic flow. By introducing dedicated lanes for Scan & Go, supermarkets have achieved over a five-fold increase in converting(转变) digital members within two months.
In addition to improving retailers’ checkout efficiency and providing customers with a better shopping experience, Scan & Go also combines promotion and marketing modes through Mini Programs, to help increase sales. It helps retailers(零售商) to link the online and offline aspects of their business, and has become the standard tool in China for merchants to realize digital transformation. Scan & Go is now widely used by retailers in China.
1. What does the third paragraph mainly tell us?| A．The convenience of Scan & Go. |
| B．The use of a virtual checkout counter. |
| C．Ways to get discounts from retailers. |
| D．Methods of scanning product barcodes. |
| A．can buy more items |
| B．can save a lot of money |
| C．don’t have to pay for what they buy |
| D．spend less time to pay for what they buy |
| A．They can sell more goods. |
| B．They can reduce the discounts. |
| C．They can create more Mini Programs. |
| D．They can make their goods more standard. |
| A．Doubtful. | B．Positive. |
| C．Subjective. | D．Negative. |
