Digital currency

Alipay provides foreigners tool to navigate an increasingly cashless China

A map showing the flow of the subject.
Screenshot via @Alipay/Twitter

China has rapidly become one of the most cashless countries in the world. That's a big problem for foreigners who don't have a Chinese bank account, because outside the major tourist hubs few merchants accept credit cards.

The big picture: Two private payments systems dominate the Chinese market: Alipay and WeChat. But until now, you had to have a Chinese bank account in order to be able to use either of them.

PayPal CEO: "I wouldn't single out China" on threatening our values

PayPal CEO Dan Schulman has stared down death threats for taking tough social stances, but in entering China, the PayPal CEO could find the biggest challenge yet to his values.

Why it matters: Other companies have gone into China thinking that they could access the giant market without having to compromise their values. At some point, most of them were forced to choose one or the other.