There's nothing like a bit of personal humility to ensure you will not make the same mistake twice. David Liao, president and chief executive officer of HSBC Bank (China), had just finished his Hainanese chicken rice and went to the counter to pay for his lunch. To his surprise, the restaurant not only did not take MasterCard, but neither would it accept China UnionPay, China's dominant credit card accepted in 141 countries and regions.

Liao's lesson in just how technology has revolutionised China's payment systems became complete when the restaurant advised him they also did not accept cash. Instead, the business only accepted payment via WeChat Pay, the online payment platforms run by the social media app WeChat that is used by half a billion Chinese; or Alipay, the platform attached to e-commerce giant Ali Baba.