1212018 The Cashless Society Has Arrived— Only It’s in China.docx

1/21/2018 The Cashless Society Has Arrived— Only It’s in
China - WSJ
https://www.wsj.com/articles/chinas-mobile-payment-boom-
changes-how-people-shop-borrow-even-panhandle-1515000570
1/10
BEIJING—Soliciting handouts near a grocery store, Zhao
Shenji, a slender man with
shorn hair, made giving easy for Beijing residents accustomed
to relying on their
smartphones.
“Recommend using WeChat Pay,” said a placard the beggar
displayed.
It was a literal sign of the times. Payment via mobile-phone
services such as WeChat is
sweeping the country. After gaining a beachhead as a means to
buy things online,
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https://www.wsj.com/articles/chinas-mobile-payment-boom-cha
nges-how-people-shop-borrow-even-panhandle-1515000570
The Cashless Society Has Arrived—
Only It’s in China
Mobile payments surge to $9 trillion a year, changing how
people shop, borrow—even
panhandle
January 4, 2018
By Alyssa Abkowitz
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China - WSJ
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mobile payments moved on to store purchases and are fast
becoming the way many
people in China pay for just about everything.
That includes small personal debts. Richard Lau, a young
management consultant
waiting to get into the historic St. Michael’s Cathedral in
Qingdao one recent day, found

he had no cash for the 20-yuan admission, so he borrowed it
from another man in line
and immediately zapped him the amount by phone.
Behind the trend are internet titans Alibaba Group Holding Ltd.
and Tencent Holdings
Ltd., which are elbowing aside banks to take a growing role in
daily commerce. Their
success offers a glimpse of a future where technology firms
drive innovations in finance
just as they have in retailing, autos and the media.
Though the U.S. saw $112 billion of mobile payments in 2016,
by a Forrester Research
estimate, such payments in China totaled $9 trillion, according
to iResearch Consulting
Group, a Chinese firm.
A woman scans an Alipay code to make a payment in
Beijing. PHOTO: HOW HWEE
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China - WSJ
3/10
For Alibaba and Tencent, the payoff isn’t just the transaction
fees they make from
merchants, typically 0.6%. It’s also the consumer data
collected, which can transform

their apps into marketing platforms for an expanding array of
services, from bike
sharing to travel.
Some of the repercussions of increasing mobile payments are
just coming into
view. The payments haven’t been required to go through the
central bank’s
clearing system, making it harder for China’s monetary
authorities to follow capital
flows and watch for money laundering and fraud. The People’s
Bank of China has
ordered a new payment-clearing platform that will require
nonbank financial firms to
give it a clearer view of mobile payments by the summer of
2018.
Consumers also are being offered more pitches for loans,
investments and other
financial products via smartphone. Short-term consumer credit
in China soared 160%
in the first eight months of 2017 from a year earlier, according
to the central bank.
Some analysts think the growing ease of borrowing is part of
the reason.
Chinese, meanwhile, are making less use of old-fashioned cash,
as in coins and folding
money. They spent about 66 trillion yuan (nearly $10 trillion)
that way in 2016, down
about 10% in two years, according to a central-bank payments
report.
The path to mobile payment was blazed by Alibaba, which hosts
online shopping

bazaars where merchants sell goods to consumers. More than a
dozen years ago,
Alibaba, taking a page from the U.S. company now called
PayPal Holdings Inc., started a
system called Alipay as an escrow service. It would hold
payments until shoppers
received their goods.
The service caught on among buyers who didn’t always trust
vendors to deliver as
promised. Alipay evolved into an online- and mobile-payment
service and passed
PayPal as the largest mobile-payment platform in 2013.
China - WSJ
4/10
That year, Tencent linked a mobile-payment system to its wildly
popular WeChat
instant-messaging app. With Alipay already in place, the
challenge for Tencent was
getting people to link their bank accounts to its service.
It devised a strategy based on the Lunar New Year, when
Chinese people give red
envelopes of cash. Tencent encouraged WeChat users to send
digital red packets to
friends for the 2014 Lunar New Year, letting them input a sum
of money and send it to

friends, who would divide the loot.
In a clever angle, Tencent set things up so those who opened
their virtual envelopes
first would get a bigger share. Over a 24-hour period, 16 million
red packets were sent,
and suddenly WeChat Pay was in the mobile-payments game. It
now has about 40% of
China’s mobile-payment market, versus 54% for Alipay,
according to iResearch.
They work in similar ways. People link their bank accounts to
the app, then can pay for
things either by scanning a merchant’s QR code or having the
merchant scan theirs.
People also can transfer money by tapping on an icon in
WeChat or Alipay.
At a night market in Taiwan recently, Manni Cheng, a textile
saleswoman from
Shanghai, paid cash for grilled prawns but then noticed the
vendor accepted Alipay.
She asked for her cash back and paid with her phone.
Ms. Cheng said she likes Alipay because it lets her track her
spending and avoid
carrying a lot of cash. Money in her Alipay balance is
transferred to the app’s money-
market fund.
“It’s a payment tool with wealth-management functions,” Ms.
Cheng said.
The seamless use of phones as wallets rarely fails to amaze
foreigners traveling in
China. Diego Merino, an education recruiter from New York,

was in Beijing recently and
wanted to buy dumplings for lunch. While he asked a friend for
cash, “someone else
walked up, paid with his phone and walked away,” Mr. Merino
said. “It took about three
China - WSJ
5/10
seconds.”
Tencent has created a platform for businesses so customers can
“follow” them for
Zhao Shenji has a WeChat code to encourage people in Beijing
to give him handouts. PHOTO: ALYSSA
ABKOWITZ�THE WALL STREET
China - WSJ
6/10
news and discounts. Customers who follow Gap Inc., for
instance, might be alerted to
promotions and discounts when they return to the store,

potentially generating more
sales for Gap and revenue for WeChat.
Alibaba can monitor the shows people watch on its Youku
Tudou video-streaming
site and push ads targeted to them, generating ad commissions
and product sales
for Alibaba, plus a clearer picture of consumer behavior. While
using the data within
their ecosystems, both internet giants say they don’t sell it to
others.
Conditions in China made it ripe for this innovation. Credit
cards never caught on in a
big way. Discretionary spending wasn’t an option for most
people until recent years,
and there has long been a cultural aversion to debt in China. On
top of that, the
government made it tough for Visa Inc. and Mastercard Inc. to
set up shop.
The rise of tech companies as financial powers has dealt a blow
to traditional banks.
China’s state-owned banks lost nearly $23 billion in fees in
2015 they might have
collected from card fees, according to a November 2016 report
from EY (formerly Ernst
A worker scans a driver's smartphone to charge a toll on an
expressway that links the Chinese cities of Shanghai,
Hangzhou and Ningbo. PHOTO: VCG�GETTY IMAGES

China - WSJ
7/10
& Young) and Singapore’s DBS Bank. The report projected the
annual fee loss could
widen to $60 billion by 2020.
The larger problem for banks might be that Alibaba and Tencent
often know more
about their customers than they do. If a Beijing car dealer uses a
bank debit card
for a business trip to Shanghai, the bank knows what airline he
or she flew, as well as
the hotel and restaurants patronized. “But if the ‘customer
interface’ is happening
elsewhere, the bank has zero visibility over transactions,” said
James Lloyd, Asia-
Pacific FinTech Leader at EY. “That’s not a good situation to
find yourself in.”
U.S. payment-processing firms have been ramping up their own
digital-wallet efforts.
Visa and Mastercard both have mobile apps that allow users to
pay via near-field
communication and are incorporating biometrics into their
offerings. They also work
with Apple Pay and Samsung Pay.
PayPal, which allowed people to beam money to each other via
Palm Pilots in the late
1990s, has formed partnerships with more than 20 other
companies to extend its

mobile payments, including Alphabet Inc.’s Google and Chinese
search giant Baidu Inc.
About 34% of PayPal’s payment volume is mobile, said Bill
Ready, chief operating
officer.
Smartphones are vastly more common than Palm Pilots ever
were, yet Apple Inc. has
struggled to get consumers to use its Apple Pay service, now
accepted at more than
50% of all U.S. retail locations.
Just 19% of iPhone users have tried Apple Pay at least once,
according to an estimate by
Loup Ventures, a venture-capital firm. Loup said about 35% of
all new iPhones sold in
2017 have activated Apple Pay. Apple said in November that
active users of the service
more than doubled, and annual transactions are up threefold.
In some parts of the world, changes that resemble China’s are
taking place. In
Scandinavia, Nordic and Dutch banks have cut total branch
levels by about 50% from
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China - WSJ

8/10
peak levels, and Sweden hasn’t had checks since the late 1980s,
according to Citi
Research, part of Citigroup Inc.
Tencent and Ant Financial Services, the Alibaba affiliate that
operates Alipay, are
forming partnerships with payment processing companies across
Europe and
investing in mobile-payment firms in India, Thailand and other
countries.
Ant Financial also sought to buy U.S. money-transfer firm
MoneyGram International
Inc., whose 200-country network enables users to send cash
through banks, stores and
kiosks. But the companies said Tuesday that a U.S. national-
security panel refused to
approve the $1.2 billion deal.
WeChat Pay and Alipay are gaining attention in U.S. tourist
centers after striking deals
with hotels and resorts. A group of Chinese tourists recently
dined at the Bacchanal
Buffet at Caesars Palace in Las Vegas, where the menu includes
T-bone Australian
lamb, chilled crab legs and handmade dim sum. They settled
their bill with a
smartphone.
A payment made using WeChat in Bangkok. WeChat and rival
Alipay have about 90% of the mobile-payment

market in China and want to expand in other countries. PHOTO:
XINHUA�ZUMA PRESS
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https://www.wsj.com/articles/moneygram-and-ant-financial-
halt-merger-deal-1514931496
China - WSJ
9/10
“One couple stopped to watch the WeChat Pay transaction and
asked for an
explanation,” said Bruce Bommarito, a Caesars executive.
“They were surprised…and
wanted to know if this payment method was available to
Americans as well.”
Americans can sign up for WeChat but can’t link it to U.S. bank
accounts. Alipay isn’t
available for Americans as of now.
Tencent and Alibaba say they have no plans to
push their payment platforms to U.S. consumers.
Many Americans don’t see the need for mobile
payments, since their plastic cards and cash are
welcomed and some merchants still accept
checks.
“Any new way of paying has to prove itself to be incrementally
better than any other
options you have,” said James Wester of research firm IDC
Financial Insights. In the

U.S., “plastic is convenient, widely accepted and understood by
the customer.”
—Junya Qian and Liyan Qi contributed to this article.
Write to Alyssa Abkowitz at [email protected]
Corrections & Amplifications
An earlier version of this article included a quote from Jim
McCarthy, and incorrectly
named him as a Visa executive. Mr. McCarthy is no longer with
the company. (Jan. 4)
Appeared in the January 4, 2018, print edition as 'The Cashless
Society Has Finally
Arrived—In China.'
Copyright &copy;2017 Dow Jones &amp; Company, Inc. All Ri
ghts Reserved
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"The Cashless Society Has Arrived - Only It's in China",
Abkowitz, Jan. 4
1. Why are the data mobile payments companies collect so
important? How is that data used?
2. How often do you pay with mobile payments, credit cards,
checks or cash? Are your percentages similar to the percentages
mentioned in the article? What influences the type of payment
you use?
3. Mobile payments are not used as extensively in the U.S. as
they are in China. What steps could a company take to
encourage greater use of mobile payments in the U.S.?
"Tim Cook Stumbles at His Specialty, Shipping Apple Products
on Time", Mickle, Jan 6
4. Briefly discuss 3 reasons cited in the article why Apple has
been launching more of its new products behind schedule.
5. What problems are associated with new products that are
launched later than planned?
6. Find any CURRENT BUSINESS article and summarize it in 8
sentences or less. Please cite source, author name, title of
article and date.

CURRENT EVENT EXAMPLE (first article is assigned, second
article is also assigned, last article you find on your own to
summarize – do NOT use first or second article to summarize)
1. What is different about new iPhone? Apple is offering many
upgrades in the new phone, such as battery life, better camera,
more storage, and brighter screens. I believe that these
enhancements are incremental versus revolutionary. This is one
of the first times in recent history that the iPhone has not under
gone a major design change.
2. How are pricing strategies of wireless carriers affecting
sales? Pricing strategies of wireless carriers have resulted in
declining iPhone sales recently. The strategy that affected this
is that it is more expensive to upgrade your phone and people
are keeping their old iPhones longer because they do not see big
improvements in newer versions. This could have long lasting
consequences on the industry.
3. What is WAZE? Google acquired WAZE in 2013. WAZE
provides real time driving conditions from other drivers. Google
is planning on having different drivers from the same companies
communicate with each other regarding morning and after work
commutes. They are able to share information relatively easily
through WAZE.
4. Talk about role of driverless cars. The role of driverless cars
at Google and Uber are attempting to revolutionize the way we
use transportation. One of the main goals of driverless cars is
safety. There still is much testing to be done until driverless
cars are in the marketplace on a regular basis. Other companies
who are pursuing this technology include GM, Ford, and Tesla.
5. Article summary – Wall Street Journal, “Global Air Travel
Continues to Grow”, Cowan, Sept. 18, 2015.
According to many industry experts, air travel has grown

tremendously in the last ten years. This makes sense as the
economic times have been relatively good in most parts of the
world. There are many new airlines in Asia which have increase
the supply of flights. There are some areas of uncertainty in
terms of growth of air travel. One such area is Europe where
Britain’s vote to exit the European Union could decrease air
travel between countries. Also, the rise of terrorist attacks
around the world may keep more people closer to home. While
this could cause some in the airline business to lower
expectations, there are still plenty of growth opportunities in
China where the number of people now able to afford air travel
has increased. Oil prices also affect air travel, which has helped
with keeping costs lower.
1/21/2018 Tim Cook Stumbles at His Specialty, Shipping Apple
Products on Time - WSJ
https://www.wsj.com/articles/apples-latest-trend-product-
delays-1515148201 1/7
As Apple Inc.’s longtime chief operating officer, Tim Cook was
known for
ensuring that new products hit the market on schedule.
With Mr. Cook as CEO, though, Apple’s new gadgets are
consistently late, prompting
questions among analysts and other close observers about
whether the technology
giant is losing some of its competitive edge.
Of the three major new products since Mr. Cook became chief

executive in 2011, both
AirPods earbuds in 2016 and last year’s HomePod speaker
missed Apple’s publicly
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-1515148201
TECH
Tim Cook Stumbles at His Specialty,
Shipping Apple Products on Time
Under CEO, the technology giant has been late delivering new
devices
Updated Jan. 6, 2018 11�34 p.m. ET
By Tripp Mickle
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projected shipping dates. The Apple Watch, promised for early
2015, arrived late that
April with lengthy wait times for delivery. Apple also was
delayed in supplying the
Apple Pencil and Smart Keyboard, two critical accessories for
its iPad Pro.
The delays have contributed to much longer waits between
Apple announcing a
product and shipping it: an average of 23 days for new and
updated products over the
past six years, compared with the 11-day average over the six
years prior, according to a
Wall Street Journal analysis of Apple public statements.
Longer lead times between announcement and product release
have the potential to
hurt Apple on multiple fronts. Delays give rivals time to react,
something the company
tried to prevent in the past by keeping lead times short, analysts
and former Apple
employees said. They can stoke customer disappointment and
have cost Apple sales.

Production issues contributed to the company largely missing
the important Christmas
shopping season with its two newest products, AirPods and
HomePods. When the $349
HomePod was unveiled in June, Apple touted its superior sound
and said it would be
ready in December. Then it announced in November that
shipment would be delayed
Apple CEO Tim Cook, center, held an iPhone X during an event
in Cupertino, Calif., in September, before its release.
PHOTO: JUSTIN SULLIVAN�GETTY IMAGES
delays-1515148201 3/7
until this year, causing it to lose out on a gift-giving season
when such smart speakers
were big sellers. Apple hasn’t yet given a new arrival estimate.
Meanwhile, Amazon.com Inc. in September announced a
redesigned Echo for $99 with
sound-boosting processing from Dolby Laboratories , Inc.
Weeks later, Alphabet Inc.’s
Google unveiled an improved speaker of its own, the Google
Home Max, for $399.
The HomePod delay was “a huge opening” for Amazon and
Google to increase sales to
loyal iPhone and iPad customers, said Matt Sargent, an

executive at research-based
consultancy Magid. Apple seems “to be losing step, and that’s a
big strategic concern
with how they’re positioning the brand,” he said.
Apple declined to make Mr. Cook available. Apple seldom
explains why products are
delayed and in the case of the HomePod said only that it wasn’t
ready.
Some Apple competitors also have faced supply-chain issues.
Samsung Electronics Co.
Ltd. issued a recall in 2016 for faulty batteries in the Galaxy
Note 7, and Alphabet Inc.
Employees at a factory in Shanghai, China, where iPhones are
manufactured. PHOTO: QILAI SHEN�BLOOMBERG
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issued a two-year warranty for its Pixel 2 after reports the
smartphone was
experiencing screen burn-in.

And Mr. Cook’s tenure has been successful by other measures.
Revenue has more than
doubled, despite stalling in the past two years, and Apple’s
share price has more than
tripled in the past six years to record-high territory. The
company has said it expects in
final three months of 2017 to hit a new sales record.
One reason for the delays could lie in the differences in
approach between Mr. Cook and
his predecessor Steve Jobs. Mr. Cook announces products and
shipment dates earlier
than did Mr. Jobs, who former employees said preferred waiting
until a product was
ready for shipment before publicizing it, except for unique
devices like the iPhone and
Apple TV.
For instance, Apple shipped its flagship handset, the iPhone X,
in November, six weeks
later than it usually does with new models following production
bottlenecks over the
summer.
Mr. Cook said during a November interview with The Wall
Street Journal that Apple
would have preferred to ship the iPhone X, 8 and 8 Plus
simultaneously in September
when the devices were introduced, but “didn’t have that choice”
because the iPhone X,
which was slated to ship later, wasn’t ready. Still, he went with
announcing all three
devices at the same time so that customers could choose the
phone they most wanted.

The staggered schedule led many customers to hold off iPhone
purchases in
September and October, triggering a 7.6-percentage point
decline in U.S. market
share for smartphones in the October quarter to 32.9%,
according to Kantar
Worldpanel. Mr. Cook acknowledged in the interview the
release schedule may have
affected sales but was best for customers.
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Neil Cybart, who runs Above Avalon, a site dedicated to
analysis of Apple, said he has
grown concerned that the delays could indicate Apple is
struggling with limited time
and attention of talented engineers and executives working
across so many products.
“It’s becoming much harder to brush this off as business as
usual,” Mr. Cybart said of
the late deliveries.
Of the 70-plus new and updated products launched during Mr.
Cook’s tenure, five had a
delay between announcement and shipping of three months or
more and nine had
delays of between one and three months. Roughly the same

number of products were
launched during Mr. Jobs’ reign, but only one product was
delayed by more than three
months and seven took between one and three months to ship
after the initial
announcement, according to the Journal’s calculations.
Updated models of its biggest products—iPhones, iPads and
Macs—largely have
arrived on schedule. But in recent years, Apple has added new
products at a much
faster clip than under Mr. Jobs, who engineered Apple’s revival
in the early 2000s
partly by slashing its number of products. The Apple co-founder
believed that sales
would rise if Apple made fewer but better devices.
Under Mr. Cook, who oversaw manufacturing and operations
before becoming CEO,
Apple’s product portfolio has more than doubled since 2007,
and now includes eight
iPhones, four iPads, a dozen Macs, two smartwatches, two TV-
streaming devices and
an array of accessories.
Apple’s large and global customer base also add to logistical
and manufacturing
challenges, former employees said. The company now has an
estimated 1.1 billion
devices in use world-wide, about triple the 400 million in early
2013, according to
market-research outfit Asymco.
Former employees also cite the increasing complexity of
Apple’s devices as a
contributing factor in the delays. AirPods feature lasers that

detect when the device is
inserted into an ear, which has made manufacturing more
difficult. With the facial-
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recognition camera on
the iPhone X, Apple had
production issues partly
because its miniature,
infrared laser was so
sensitive that it could
easily be knocked out of
alignment, a person
familiar with the
production process said.
At the same time, Apple
has moved to control
more components in its
supply chain. For early models of the iPhone, Apple would buy
an entire camera from
one supplier, former employees said, but in more recent years,
they said the company
would source each component in a camera from lens to sensor to
adhesives.

Drilling deeper into the supply chain helped Apple control costs
and differentiate
devices from rivals, the people said, but also required more
staff and coordination
between suppliers and assemblers. Apple has increased its
number of employees
sevenfold in the decade since it launched the iPhone.
“It’s not the little Ferrari that Steve built for himself,” said
Roger Kay, an analyst with
Endpoint Technologies Associates. “It’s become this big
organization, and that has to
contribute to some unevenness of execution.”
Write to Tripp Mickle at [email protected]
Appeared in the January 6, 2018, print edition as 'Lateness
Bedevils Apple CEO Cook
New Apple Trend: Late Gear Delivery.'
The Apple AirPod PHOTO: MARCIO JOSE
SANCHEZ�ASSOCIATED PRESS
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sparked-by-juliet-and-her-romeo-1506510189
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