Ant Financial Services Group, the financial affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has announced a partnership with the city of Fuzhou to build what it called a "cashless society", according to state media reports.
Over 20 institutions and companies, including Fuzhou Municipal Bureau of Commerce, Green Payment Card, State Grid Fujian Electric Power Company and New Hua Du Supercenter Co., Ltd. have joined And Financial's "cashless alliance". According to the plan, over 90% of stores in Fuzhou will be ale to operate without cash by the end of this year, said Hang Dong, vice mayor of Fuzhou.
Fuzhou is the third city to cooperate with Ant Financial to develop a cashless shopping environment, behind Hangzhou and Wuhan.
This April, Ant Financial set up the cashless alliance in Hangzhou, attracting 15 enterprise at...
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