F2F Class Notes (Mark)

MarkGrace Z

Needs more review

Digital wallet, or we call digital payment, this is very common in China, because we pay for everything with mobile phone and a QR code. I do believe that there is no disputing that China is ahead of the rest of the world in digital payments. I clearly remember our overseas colleagues were/visited in Shanghai, they were always amazed that we just scan a QR code by mobile, then settled the payment, only 1 second.

Meanwhile, we also notice that some potential risks, especially to some young children. In China, we usually settle the payment via/through Alipay and WeChat Pay. They are not bank, but some of their business is related to loan and credit. For example, when we do some online shipping in Alibaba, we would receive message for some settlement options, like select cash, credit card or .”花呗“or “打白条”, which means we can borrow money from Alipay. For some young children, they may not understand how much they paid and what’s the consequence if they use “花呗“.

Good news is that The People’s Bank of China has been developing the digital currency, and started trails in a number of cities in this year. Definitely, we will have one more option for digital settlement from central bank. I hope I can have opportunity to use this settlement in this year.

**CORRECTED**

Digital wallet, or we call it digital payment, this is very common in China, because we pay for everything with a mobile phones and a QR codes. I do believe that there is no disputing that China is ahead of the rest of the world in paying for things digitally payments. I clearly remember our overseas colleagues that were/visited in Shanghai they were always amazed that we just scan a QR code by mobile, then settled the payment in only one second.

Meanwhile, we also notice that some potential risks, especially to some young children. In China, we usually settle the payment via/through Alipay and or WeChat Pay. They are not banks, but some of their business is related to loan and credit. For example, when we do some online shopping on Alibaba/Taobao, we would receive some kind of message for some settlement options, like select cash, credit card or .”花呗“or “打白条”, which means we can borrow money from Alipay. For some young children, they may not understand how much they paid and what the consequences are if they use “花呗“.

The good news is that The People’s Bank of China has been developing the digital currency, and started trails trials in a number of cities in this year. Definitely, we will have one more option for digital settlement from the central bank. I hope I can have an opportunity to use this settlement within this year.

Homework


Read the article and summarize each paragraph.

Ferrari is a famous name in the car industry. It has a long history of success in motor sports. Its sports cars are a thing of luxury. The Italian company has entered the business of fashion. The 74-year-old carmaker launched its own line of clothing at its factory in northern Italy. The company briefly stopped production of its cars to let models walk down a catwalk on its factory floor. Ferrari hopes its new clothes will allow it to diversify. A spokesperson told reporters that Ferrari’s clothing collections could make up 10 per cent of the company’s profits within a decade.

Ferrari’s ready-to-wear clothing was created by a 37-year-old fashion designer. He used to work for the brand Armani. He used many bright colours, including “Ferrari red” and the yellow used in the Ferrari logo. The designer hopes his clothes will be popular with young people. He said: “Young generations have the power to express the energy and the power of Ferrari’s brand.” He added: “If you enter a Ferrari store…you are looking for something special.” Ferrari’s chairperson said the company wanted to show Italian excellence, “and the best of our country’s creativity”.