History of Chinese currency

thumb|[[Han dynasty cash coin]]

The history of Chinese currency spans more than 3000 years from ancient China to imperial China and modern China. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. The history of China's monetary system traces back to the Shang dynasty (c. 1766–1154 BCE), where cowrie shells served as early currency. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period. By the Warring States period, diverse metal currencies like knife and spade coins emerged. These early currencies, starting as a commodity exchange to cowrie shells, copper coins, paper money and modern Chinese currencies and digital currencies shows how centralized power developed the most influential monetary system in the world.

Early Establishment

The Shang dynasty (c. 1600 – c. 1046 BC) came as a significant first step in the evolution of currency by introducing cowrie shells as a mode of exchange. Cowries, sourced from the Indian Ocean, were valued for their rarity, durability, and portability. Their usage as currency likely came from their symbolic value which represented wealth and status. Archaeological findings, such as cowrie shell imitations made of bone and stone, indicate the growing institutionalization of monetary practices during this period. One of the reasons why they started producing cowrie shell imitations was mainly due to the lack of organic cowrie shells. New Research on the Origin of Cowries in Ancient China by K.Peng also mentions tributes and exchanges involving cowries, highlighting their role in economic context.

Zhou dynasty ((Western Zhou c. 1046 – 771 BC) and (Eastern Zhou c. 771 – 256 BC)) saw the diversification of currency forms. By the late Western Zhou and early Eastern Zhou, bronze objects such as spades and knife-shaped coins began circulating alongside cowries. These currencies reflected both regional economic diversity and the growing influence of metalworking technologies.

The Warring States period (c. 475 – 221 BC) expanded on the diversity of currencies as competing states issued their own coinages to assert economic independence. Bronze inscriptions on Zhou coins serve as primary evidence which gives details about issuing authorities and intended denominations. These inscriptions show the relationship between political authority and economic systems.

Qin dynasty (c. 221 – 206 BC) specifically Around 210 BC, the first emperor of China Qin Shi Huang (260–210 BC) abolished all other forms of local currency and introduced a uniform "Ban Liang" copper coin which eliminated the regional variations that had characterized the Warring States period and showed economic integration and simplifying taxation. Qin legal texts found in tombs (e.g., Shuijingzhu bamboo slips) document the implementation of the Ban Liang coins and highlight their role in centralizing economic control. This standardization served as a model for future dynasties that influenced monetary policies in subsequent centuries.

Building on the Qin's monetary reforms, the Han dynasty (c. 202 BCE – 220 CE) later introduced "Wu Zhu" coins, which remained in circulation for over 700 years. The Han government's emphasis on coinage stability facilitated trade along the Silk Road, integrating China into a broader network of Eurasian commerce. These coins, marked by their consistent weight and size, reflected the dynasty's commitment to economic stability. The Han period also saw the integration of commodity trade and currency usage. Goods like silk, salt, and iron often supplemented or substituted coinage in transactions, particularly in regions where coin circulation was limited.

Paper money was invented in China in the 7th century, but the base unit of currency remained the copper coin. Copper coins were used as the chief denomination of currency in China until the introduction of the yuan.

From paper money innovations in the Song dynasty to the turbulent reforms of the late Qing, China's monetary system evolved with its political and economic changes. Currently, the renminbi is the official currency of the People's Republic of China (PRC). It is the legal tender in mainland China, but not in Hong Kong or Macau. The special administrative regions of Hong Kong and Macau use the Hong Kong dollar and the Macanese pataca, respectively. In the territory controlled by the Republic of China (ROC), the New Taiwan dollar is the official legal tender in Taiwan since 2000.

Ancient currencies

thumb|left|Old Chinese Currency used in 1920–23. This currency was also used in [[Hunza state.]]

The use of shell money is attested to in the Chinese writing system. The traditional characters for 'goods' (), 'buy/sell' (), and 'monger' (), in addition to various other words relating to 'exchange', all contain the radical , which is the pictograph for shell (simplified to ). The extent of the circulation of shell money is unknown, and barter trade may have been common. However, copies of cowry shells made out of bone, wood, stone, lead and copper were common enough to presume that they were used in trade.

thumb|left|Chinese [[shell money, 16–8th century BCE.]]

Cowries, sourced from the Indian Ocean, were valued for their rarity, durability, and portability. Their usage as currency likely came from their symbolic and practical value which represented wealth and status. Archaeological findings, such as cowrie shell imitations made of bone and stone, indicate the growing institutionalization of monetary practices during this period. One of the reasons why they started producing cowrie shell imitations was mainly due to the lack of organic cowrie shells. New Research on the Origin of Cowries in Ancient China by K.Peng also mentions tributes and exchanges involving cowries, highlighting their role in both economic and ceremonial contexts.

The Chinese may have invented the first metal coins, coins found in Anyang date to before 900 BC. At that time, the coin itself was a mock of more earlier used cowry shells, so it was called the Bronze shell.

Bronzed shells were found in the ruins of Yin, the old capital of the Shang dynasty (1500–1046 BC). Bronze became the universal currency during the succeeding Zhou dynasty, which saw the diversification of currency forms. By the late Western Zhou and early Eastern Zhou, bronze objects such as spades and knife-shaped coins began circulating alongside cowries. During the Warring States period, from the 5th century BC to 221 BC, Chinese money consisted of three main types of bronze objects. The Zhou, the Wei (), the Han () and the Qin () all used coins shaped like a spade (bu). The Qi () used money in the shape of a knife (dao). The Zhao () and the Yan () used knife money before switching over to spade money roughly halfway through the Warring States period. The Chu () used money in the forms of "ant nose" coins (yibi).

Unification

As part of the Unification of China, Qin Shi Huang (, 260 BC – 210 BC) introduced a uniform copper coin with the inscription "Ban Liang" based on the coins previously used by the Qin. All other forms of local currency were abolished. This standardization eliminated the regional variations that had characterized the Warring States period, fostering economic integration and simplifying taxation. Qin legal texts found in tombs document the implementation of the Ban Liang coins and highlight their role in centralizing economic control. The coins were round with a square hole in the middle which was the common design for most Chinese copper coins until the 20th century. Due to the low value of an individual coin, the Chinese have traditionally strung a nominal thousand copper coins onto a piece of string. Government taxes were levied on both coins and products such as rolls of silk. Salaries were paid in "stones" (, dàn) of grain during the Qin and Han dynasties.

Han

The Han dynasty issued Wu Zhu coins, which remained in circulation for over 700 years. The Han government's emphasis on coinage stability facilitated trade along the Silk Road, integrating China into a broader network of Eurasian commerce. These coins were marked by their consistent weight and size. The Han period also saw the integration of commodity trade and currency usage. Goods like silk, salt, and iron often supplemented or substituted coinage in transactions, particularly in regions where coin circulation was limited.

Tang

By the time of the Tang dynasty, the solidification of Confucianism as the primary political school of thought had similarly entrenched China as an agrarian society. The Han dynasty had allowed for debate on government monopolies on the iron and salt trade, to which scholars voiced disapproval due to disreputable connotations on industry and commerce. Under the Tang dynasty, China saw the enactment of the two-tax system, or 两税法, that measured revenues against expenditures directly. As a result of policy, the dynasty set a static budget that was intended to be observed throughout the dynasty.

The Tang dynasty adopted an early prototype of paper currency starting with promissory notes in Sichuan called "flying money" (Feiqian/飞钱). These were designed to expedite trade between the Tang capital and urban centers, and the rural industrial bases, such as the mining of copper and iron in Sichuan. By issuing Feiqian, the Tang dynasty was able to lessen the burden and risk of transporting large amounts of currencies, such as the accumulated weight and the potential to be robbed in transit. Although they were traded among merchants, Jiaozi was not intended to be currency, but rather akin to modern day bank drafts. They could only be redeemed at government offices or the centers of government sponsored groups. These proved so useful the state took over production of this form of paper money with the first state-backed printing in 1024. By the 12th century, various forms of paper money had become the dominant forms of currency in China and were known by a variety of names such as jiaozi, huizi, kuaizi, or guanzi.

Song

During the early Song dynasty (Chinese: , 960–1279), China again reunited the currency system, displacing coinages from ten or so independent states. Among pre-Song coins, the northern states tended to prefer copper coins. The southern states tended to use lead or iron coins, with Sichuan possessing its own heavy iron coins which continued to circulate for a short period into the Song dynasty. By 1000 CE, unification (south of the Liao) was complete and China experienced a period of rapid economic growth, reflected by the growth of coining. In 1073—the peak year for minting coins in the Northern Song—the government produced an estimated six million strings containing a thousand copper coins each. The Northern Song is thought to have minted over two hundred million strings of coins which were frequently exported to Inner Asia, Japan, and South-East Asia, where they often formed the dominant form of coinage.

The Song dynasty saw the first true introduction of paper money as currency. This was termed Jiaozi, or 交子, and saw initial adoption in Sichuan to facilitate the commodity trade. As it started to expand outside of Sichuan, the Song dynasty saw an increase in inflation due to the overprinting of paper money that didn't have sufficient backing in reserve through precious metals. Later dynasties such as the Yuan and Ming saw similar cases of inflation that lead to the Ming and Qing returning to silver as the primary method of commerce.

Ming

thumb|upright|Silver [[sycee (yuanbao) ingots]]

The early Ming dynasty (, 1368–1644) also attempted to use paper currency in the early re-unification period. This currency also experienced rapid inflation and issues were suspended in 1450 although notes remained in circulation until 1573. It was only in the very last years of the Ming dynasty when Li Zicheng threatened Beijing in 1643 and 1645 that printing took place again. For most of the Ming, China had a purely private system of currency for all important transactions. Silver, which flowed in from overseas, began to be used as a currency in the Far South province of Guangdong, where it spread to the lower Yangtze region by 1423 when it became legal tender for payment of taxes. Provincial taxes had to be remitted to the capital in silver after 1465; salt producers had to pay in silver from 1475 and corvée exemptions had to be paid in silver from 1485. The Chinese demand for silver was met by traditional maritime silk road trade links, from either Quanzhou, Zhangzhou, Guangzhou, or Macau, with Manila in the Philippines as part of the Spanish East Indies who traded Philippine peso (Spanish silver dollars) for chinaware and other trade goods, after the Spanish colonial empire became established at Manila in 1571. The Spanish silver dollar were minted and mined from the Spanish Americas, in particular Potosí in Peru and Mexico. The trade of Spanish silver dollars with chinaware and other trade goods flowed through the Manila-Acapulco Galleon Trade from the Philippines to Mexico and vice versa within the Spanish colonial empire. It circulated as minted Spanish dollars sometimes stamped with Chinese characters known as "chop marks" which indicated that they were verified by a merchant and determined to be genuine. Spanish silver also circulated as ingots (known as sycee or yuanbao) which weighed a nominal liang (about 36 grams) although purity and weight varied from region to region. The liang was often referred to by Europeans by the Malay term tael. The first Chinese yuan coins had the same specification as a Spanish dollar, leading to a continuing equivalence in some respects between the names "yuan" and "dollar" in the Chinese language.

Qing

The period spanning the late Qing dynasty to the establishment of the People's Republic of China marked a critical phase in the evolution of China's monetary system. This era was characterized by efforts to unify fragmented currencies, stabilize the economy, and modernize financial governance, all unfolding against a backdrop of war and political upheaval.thumb|right|Guāng Xù Tōng Bǎo, Guāng Xù Zhòng Bǎo, and Guāng Xù Yuán Bǎo coins.

thumb|250px|[[Silver coin: 1 yuan Guangxu, Hupei Province - (1895–1907)]]

thumb|250px|[[Silver coin: 1 yuan/dollar Xuantong 3rd year - 1911 Chopmark]]

Late Imperial China maintained both a silver and a copper currency system. The copper system was based on the copper cash (wen). The silver system had several units which by the Qing dynasty were: 1 tael = 10 mace = 100 candareens = 1000 lí (silver cash). By the late 19th century, the Qing dynasty faced a fragmented monetary system in which silver ingots, copper cash (tongqian), and foreign coins circulated simultaneously. This disarray hampered commerce, tax collection, and efforts to integrate the economy into global trade. In response, the Qing government sought to unify the currency system and align it with international norms.

In 1889, the Chinese yuan was introduced at par with the Spanish dollar or Mexican peso or Philippine peso and was subdivided into 10 jiao (, not given an English name, cf. dime), 100 fen (, cents), and 1000 wen (, cash). The yuan was equivalent to 7 mace and 2 candareens (or 0.72 tael) and, for a time, coins were marked as such in English.

A significant step came in 1903 with the introduction of Kuangxu Yuanbao (光绪元宝) coins. Minted in various provinces, these coins represented an early attempt at standardization. However, inconsistencies in weight, design, and issuance authority limited their impact. The government further advanced these efforts in 1910 by adopting a silver standard and issuing the Da Qing Silver Coin (大清银币). This coin, available in denominations of 1 yuan, 5 jiao, and smaller units, featured the imperial dragon emblem as a symbol of authority. Minted to international trade standards, it aimed to facilitate both domestic and international commerce. The edicts surrounding these reforms, such as the 1905 Monetary Regulations, highlighted the Qing government's determination to modernize fiscal governance (Qing Dynasty Monetary Regulations, 1905).

The earliest issues were silver coins produced at the Kwangtung mint in denominations of 5 fen, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar coins. Copper coins in denominations of 1, 2, 5, 10 and 20 wen were also issued. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the "Imperial Bank of China" and the "Hu Pu Bank" (later the "Ta-Ch'ing Government Bank"), established by the imperial government.

Despite these ambitious reforms, the Qing dynasty's weakening grip on power, exacerbated by the 1911 revolution, left the currency system fragmented. Regional mints and private banks (qianzhuang) continued to issue diverse forms of currency, perpetuating monetary instability.

Republic of China

The fall of the Qing dynasty and the establishment of the Republic of China in 1912 did little to resolve monetary disarray. Warlords, provincial governments, and foreign powers issued their own currencies, further complicating the financial landscape. Amid this chaos, the Republic sought to assert control over the monetary system through centralized reforms.

The Bank of China (中国银行), founded in 1912, was instrumental in modernizing China's monetary and financial systems during the Republic era. Initially serving as the central bank, it later focused on issuing banknotes and managing foreign exchange. The Bank of China's issuance of its own notes, alongside Fabi, highlighted the dual nature of the monetary system during this period. Despite its contributions to economic modernization, the bank's influence diminished with the rise of centralized monetary control under the Communist government after 1949.

Silver coins

The Republic of China was founded after the Xinhai Revolution toppled the Qing dynasty. The Nanjing-based Provisional Government of the Republic of China urgently needed to issue military currency for use in place of the previous Qing currency. Successively, each province declared independence from the Qing and issued their own military currency. In 1914, the National Currency Ordinance established the silver dollar as the national currency of the Republic of China. Although designs changed compared with imperial era coins, the sizes and metals used in the coinage remained mostly unchanged until the 1930s. The majority of regional mints closed during the 1920s and 1930s, although some continued until 1949. From 1936, the central government issued copper , 1 and 2 fen coins, nickel (later cupronickel) 5, 10 and 20 fen and yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940.

During most of the Nanjing decade, China's currency was on the silver standard. It was necessary for the Nationalist government's expenses to be balanced by sales of government bonds, tax revenues, and other receipts.

Fabi

In 1935, the Nationalist government issued a new currency, the fabi (), through the four major government controlled banks: the Bank of China, Central Bank of China, Bank of Communications, and the Agricultural Bank of China.

No separate institution existed to control the money supply, and therefore the political leadership of the Nationalist government was free to dictate the money supply.

Customs gold units

Customs gold units (, pinyin: guānjīnyuán) were issued by the Central Bank of China to facilitate payment of duties on imported goods. Unlike the national currency which suffered from hyperinflation, the CGUs were pegged to the U.S. dollar at 1 CGU = US$0.40.

The peg was removed in 1935 and the bank allowed CGUs to be released for general use. Already awash with excessive paper currency, the CGUs only added to rampant hyperinflation.

1945–1948

After the defeat of Japan in 1945, the Central Bank of China issued a separate currency in the northeast to replace those issued by puppet banks. Termed "" (pinyin: Dōngběi jiǔ shěng liútōngquàn), it was worth approximately 10 times more than fabi circulating elsewhere. It was replaced in 1948 by the gold yuan. The Northeastern Provinces yuan was an attempt to isolate certain regions of China from the hyperinflation that plagued the fabi currency.

In 1948, the Nationalist government introduced the Gold Yuan (金圆券) as a last-ditch effort to stabilize the economy. Pegged to gold reserves, the Gold Yuan was declared the sole legal tender. However, it failed due to insufficient reserves, mismanagement, and continued political instability. By the time the Nationalist government retreated to Taiwan, the monetary system on the mainland was in shambles.

Gold yuan

In response to hyperinflation, the Nationalist government issued the gold yuan in August 1948.

Despite its contributions to economic modernization, the bank's influence diminished with the rise of centralized monetary control under the Communist government after 1949.

1949–2001

Finally, in 1949, the Kuomintang again announced a reform with the introduction of the Silver Yuan Certificate, returning China to the silver standard. The silver yuan would be exchanged at 1 silver yuan = 100 million gold yuan, and was backed by silver dollars minted by the Central Mint of China.

This currency was short-lived, as the Chinese Communist Party soon gained control of the Mainland provinces. It was replaced by currency issued by the People's Bank of China which was less prone to inflation.

After the retreat of the Kuomintang to Taiwan, the silver yuan remained the de jure legal currency of account of the Republic of China, although only Taiwan dollars issued by the Bank of Taiwan were circulating in areas controlled by the ROC. After a currency reform in 1949 created the New Taiwan dollar, the statutory exchange rate was set at 1 silver yuan = NT$3.

An amendment was passed in 2000 to make the New Taiwan dollar the official legal currency of the Republic of China.

Taiwan dollar

The Bank of Taiwan was originally established by the Japanese in 1899 whilst Taiwan was under Japanese administration. The bank issued Taiwanese yen which were pegged to the Japanese yen. After the retrocession of Taiwan to the Republic of China, the new Bank of Taiwan was allowed to continue issuing its own currency. Called the "Taiwan dollar", it replaced the Taiwanese yen at par. This was an attempt by the Kuomintang to prevent the hyperinflation affecting the mainland from affecting Taiwan.

However, mismanagement by the governor-general Chen Yi meant that the Taiwan dollar also suffered depreciation. It was replaced by the New Taiwan dollar in 1949 at the rate of 40,000 to 1.

Japanese occupation money

The Japanese Imperial Government issued currency through several means during their occupation of China.

Manchuria

At the time of invasion of China's northeast in 1931, multiple currencies were circulating. These included local provincial issues, the Kuomintang fabi and yen currencies issued by the Bank of Chōsen and the Bank of Taiwan.

After the puppet state of Manchukuo was created, the Japanese founded the Central Bank of Manchou on July 1, 1932, in Changchun (), then known as Xinjing (). While the bank provided commercial functions, it also acted as a central bank and issuer of currency. The Manchukuo yuan was initially set at 1 Manchukuo yuan = 23.91 g silver, but became pegged to the Japanese yen at 1:1 in 1935 after Japan left the gold standard. The currency lasted until the end of World War II. It was replaced by the Northeastern Provinces Yuan issued by the Central Bank of China.

Inner Mongolia

thumb|A 5 Jiao Coin issued in 1938 by the Bank of Mengjiang.

Before Japanese occupation, the predominant bank of China's northern provinces (including Suiyuan, Chahar and Shanxi) was the Charhar Commercial Bank. When the Japanese invaded, the bank evacuated the area taking all of its capital and all unissued currency. The Japanese military government quickly established the Channan Commercial Bank to replace its note issuing functions.

With the formation of Mengjiang puppet state, the authorities established the Bank of Mengjiang which amalgamated the Channan Commercial Bank with three other smaller regional banks. The Bank of Mengjiang issued Mengjiang yuan from 1937 which was pegged to the Japanese military yen and Japanese yen at par.

Collaborationist governments

The Japanese managed to establish two collaborationist regimes during their occupation in China. In the north, the "Provisional Government of China" () based in Beijing established the Federal Reserve Bank of China (, pinyin: Zhōngguó Liánhé Zhǔnbèi Yínháng). The FRB issued notes in 1938 at par with Kuomintang fabi. Although initially equivalent, the Japanese banned the use of Nationalist currency in 1939 and set arbitrary exchange rates in favour of the FRB yuan. The FRB yuan was replaced by Kuomintang fabi in 1945 at 5 FRB yuan = 1 fabi.

The Wang Jingwei government in Nanjing established the collaborationist Nanjing Reformed Government () in 1938. This was later reorganized into the Nanjing National Government () in 1940. They established the Central Reserve Bank of China (, pinyin: Zhōngyāng Chǔbèi Yínháng) which began issuing CRB yuan in 1941. Although initially set at par with the Nationalist fabi, it also was arbitrarily changed to equal 0.18 Japanese military yen. In 1945, the collaborationist regime's currency was also replaced by the Nationalist fabi at 200 CRB yuan = 1 fabi.

News of the 9 July 1943 Allied invasion of Sicily prompted the Chinese public to unload their collaborationist regime currency. The prices of gold, Chinese stock, real estate, and commodities increased rapidly. These stock market operations played a critical role in the reintroduction of stock markets to the country after nearly a century of disruption and signaled an end to the hitherto isolation. By the start of the 1990s, Chinese stock markets began to open and allow the inflow of foreign capital, as well as international business, which facilitated the growth of local businesses and a beneficial development of resources allocation mechanism.

Renminbi

thumb|A RMB200 note issued by the People's Bank of China in 1949.

The Chinese Communist Party gained control of large areas of the northeast of China during 1948 and 1949. Although several regional banks were established, they were united in December 1948 as the People's Bank of China. Established in Shijiazhuang, the new bank took over currency issuance in areas controlled by the Communist Party.

After the promulgation of the People's Republic of China, there was a brief period where 100,000 gold yuan could be exchanged for 1 yuan Renminbi.

Renminbi notes were issued in 12 denominations: 1, 5, 10, 20, 50, 100, 200, 500, 1000, 5000, 10,000, and 50,000 yuan. These denominations were subdivided into 62 styles. After adjusting the currency value with ratio 1:10,000 in March 1955, the second edition of Renminbi were issued in 12 denominations, including 1 fen, 2 fen, 5 fen, 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 3 yuan, 5 yuan and 10 yuan.

The People's Republic of China began issuing aluminum coins in December 1957, in denominations of 1, 2 and 5 fen. From 1961, China outsourced the printing of 3, 5 and 10 yuan notes to the Soviet Union.

The fifth and latest editions of the currency of the People's Republic of China have been produced since 1 October 1999. Notes have been produced in 8 denominations: old types of 1 fen, 2 fen and 5 fen, as well as new issues depicting Mao Zedong: 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan. In 2004, a 1 yuan note depicting Mao Zedong first came into production. Since 1999, coins have been produced in denominations of 1 fen, 2 fen, 5 fen, 1 jiao, 5 jiao and 1 yuan.

With the deepening of China's stock markets, the authorities were more concerned with the international position of the renminbi (RMB). Despite an impressive boost in economic development, as well as the increasing globalization of trade turnover, the RMB was tightly controlled because of currency restrictions and was not in the group of strong currencies like the US dollar and the euro. Policymakers appreciated however, that they had to change the foreign perceptions of China in order to increase its standing in the global economic system, which meant increasing the use and recognition of the RMB outside China. This shift in the policy led the government and the People's Bank of China (PBOC) to adopt a strategic approach to the process of internationalization of the RMB. Over the years, a series of bilateral currency swap agreements, more flexible exchange rate mechanisms, and open RMB markets contributed to slowly broadening the currency's use in cross-border transactions. While these measures alone did not bring the instant prominence, they were critical steps in a longer-term plan designed to enhance the RMB's appeal.

In 2016, the significant step forward took place when the International Monetary Fund (IMF) included the RMB in its basket of currencies for Special Drawing Rights (SDRs) alongside the US dollar, Euro, British pound, and the Japanese yen. Such companies as Alipay and Wechat Pay provided opportunities to Chinese buyers to skip traditional banking systems and directly go to mobile transactions. In just a few years, cash and credit cards started to lose importance in a number of situations in cities, and as per 2020, in over 90% of cases in China urban areas, cashless transactions were reported. China leapfrogged credit card payments to become one of the world's leaders in mobile payments. Early and wide adoption of mobile payments also led to a boom in online shopping and retail banking.