With the widespread adoption of mobile phone payments, more and more businesses can reach deals without needing to pay in cash, credit cards or banking cards cread. And with the development of information communication technology and artificial intelligence, "cashless city" will become the future trend.

The mobile payments with at least four benefits as below:

• Firstly, it reduces security risk. 

• Secondly, non-cash transactions reduce transaction costs. 

• Meanwhile, cash transactions also face economic losses from accepting counterfeit notes.

• The last link that is easy to overlook is hygiene. Because paper money has a lot of contacts in the circulation process, it has become one of the important ways to spread the pathogenic bacteria.There are four ways in which cash is traded with hands, breathing, and four kinds of contagious germs that hold hands on a bus or subway.

The challenge of a cashless society.

Mobile payment is so convenient that many merchants now only provides third-party payment now, and do not accept cash or credit card, or even specify only accept a third party payment company service.This raises many questions about the so-called cashless society.

• The first problem is, is it illegal to refuse cash?

• The second challenge for a cashless society is how do governments balance convenience and privacy?

In fact, "no cash payment" is not a new concept, some developed countries have already realized the large-scale "no cash payment" status.In some western European countries, total cash transactions are actually declining.

Cashless payments are increasingly mainstream.Of course, the shift in payments is not without new costs and problems.Electronic payment may involve information disclosure, hacker attacks, etc., and may involve electronic payment platform to "financial innovation" outside of laws and regulations, to escape the bank clearing system, escape the regulators, in fact to form mixed management, even their illegal derivatives and trading platform construction, etc.

But these are not "no cash payment" itself fault, also not blindly blame on enterprises, it needs to integrate with The Times, financial regulators to strengthen their consciousness, and strengthen supervision and innovation as a new idea of balance, enhance their market management ability, both adaptation and catch up with the trend of historical development, and ensure the safety of the market, smooth running, firmly grasp the systemic risk and the financial security of the bottom line. 

In the new era, there is still a long way to go for a truly cashless society, but we must be ahead of The Times,and new technology always brings more opportunities in any ways.