Who are the winners and losers of the cashless society in China? What advantages do technology firms have over banks? To what extent are there economies of scale, and why?

Please help me to read this article and answers these questions:

https://mymasonportal.gmu.edu/bbcswebdav/pid-76402… (Topic: The Cashless Society Has Arrived — Only It’s in China)

1. Is the cashless society really something new? Haven’t many people been paying with credit and debit cards for a long time? So what actually is new about the cashless society in China?

2. Who are the winners and losers of the cashless society in China? What advantages do technology firms have over banks? To what extent are there economies of scale, and why?

3. What does the Chinese experience portend for the rest of the world? Based on the Chinese experience, who do you expect will be the winners of the cashless society in the U.S., for example?

4. China can be considered a “lead market” for cashless transactions. What does the concept of “lead market” mean and why is the concept important?