Sex chatting without credit card

During the past 30 years, by contrast, China has grown to become the world’s second largest economy without much of a functioning credit system at all.The People’s Bank of China, the country’s central banking regulator, maintains records on millions of consumers, but they often contain little or no information.When Liu went on vacation with his fiancée (now his wife) to Thailand, they paid at restaurants and bought trinkets with Alipay.He stored whatever money was left over, which wasn’t much once the vacation and car were paid for, in an Alipay money market account.Lazarus Liu moved home to China after studying logistics in the United Kingdom for three years, he quickly noticed that something had changed: Everyone paid for everything with their phones.At Mc Donald’s, the convenience store, even at mom-and-pop restaurants, his friends in Shanghai used mobile payments.One day a new icon appeared on Liu’s Alipay home screen. The name, like that of Alipay’s parent company, evoked the story of Ali Baba and the 40 thieves, in which the words magically unseal a cave full of treasure.When Liu touched the icon, he was greeted by an image of the Earth.

Credit card companies know when you run up bar tabs or buy sex toys.

“Zhima Credit is the embodiment of personal credit,” the text underneath read.

“It uses big data to conduct an objective assessment.

Its main competitor, We Chat, belongs to the social and gaming giant Tencent.

Alipay and We Chat are less like individual apps than entire ecosystems.

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