Alipay to WeChat pay: Chinese payments are lightyears ahead

Instead of wasting time on contactless cards, #China sped straight to mobile payments with the likes of Alipay leaving the rest behind. [Read More]

Summary… * Machine-Made

So when mobile payment apps first came out, they immediately caught on.
Even buskers display #AliPay and #WeChat Pay QR codes instead of laying a guitar case on the pavement.
They also run credit-scoring businesses which factor users’ payment histories and trading histories into their scores.
“In 2015 Chinese citizens transacted $1 trillion through mobile payments using QR codes.
In 2020 it is forecast that Chinese consumers will transact $45 trillion through mobile payments, by which time the county will be pretty much cashless.

Opinion… * Man-Made

The mobile payments apps #AliPay (#Alibaba) and #WeChat Pay (#Tencent) have leapfrogged debit/credit cards in #China, a signpost for the rest of the world… as young Chinese consumers rarely carry a wallet or cash these days. #FinTech #Trend

Source: Raconteur