Different private companies in China provide the wallet services. Customers can store money in the wallet and also can pay the bills and the other expenses whenever they want (Howe, 2016). In the contemporary age, the new concept of Mobile Wallet has come in the Chinese market that helps to encourage consumers to make online transaction. On the other hand, customers are having the opportunities of getting coupons. These mobile wallet concepts are helping to uplift the online transaction in the Chinese market. People are able to add money to the wallet from the bank account as well as they are also able to transfer money to the bank account. This process is uncomplicated and fast enough so that people are capable of sending money in a fraction of seconds (Sharma and Arora, 2017). Most of the network service providers give the wallet facilities to the customers and they give good rate of interests on the wallet money. For that reason, these cashless payment tools are more preferable (Antragama, 2017).
NEFT and RTGS: The government of China provides the National Electronic Fund Transfer technologies to the public so that they can transfer limited amounts in a very short span. The government and the private banks provide Real Time Gross Settlement to the customers so that the customers can transfer huge amounts in a short period of time (Saidu and Hassan, 2016).