Cash is not needed nowadays in China, thanks to the convenience of financial technology, Danny Alexander, vice president of the Asian Infrastructure Investment Bank (AIIB) said on Wednesday during the Annual Meeting of the New Champions 2017, also known as the Summer Davos, in the northeastern coastal city of Dalian, China News reported.

Alexander said for the one-and-a-half years he has been in China, he rarely carried cash on him, as mobile payment is very convenient in China.

The senior executive from U.K. added that financial technology can help developing countries’ financial services develop by leaps and bounds, jumping over many processes that other countries have already gone through.