![]() In China, nearly everyone uses and accepts mobile payment options.Ĭhina has jumped ahead as an early adopter of mobile payment options for a variety of reasons, largely skipping the introduction of credit cards at all. While digital payment options like PayPal and Venmo are popular, it’s certainly not yet the norm in the States for consumers to pay with their phone for most purchases. This is massively different from most other countries, including the U.S. In fact, by 2021, 79% of mobile phone users will not use cash anymore – at all. There are billions of mobile payment users in China. It may be difficult to grasp just how different China’s nearly cashless society is from other countries. The ease of use for all parties has helped make cashless payments dominant among Chinese consumers. Merchants can either scan the user’s QR code on their smartphone or merchants provide a QR code at checkout for customers to scan. Alipay and other mobile wallets just require a QR code scan and a payment confirmation to complete the transaction, making the process frictionless. ![]() These payments are generally easy for merchants to implement, too. Even merchants who operate small stands or sell flowers might have the option to accept Alipay or similar payment options. People also use the platform to send money to friends and family. Now, people in China use mobile payments for nearly everything, from restaurant meals, electronics, taxi rides, and more. People can create an account for free, hook the account up to their debit card or bank account, and immediately start spending online or in-store via mobile transactions. Part of the reason these payment options are so popular is that they’re incredibly easy to use. Their combined user base is expected to reach nearly 2.5 billion users by 2025. Now, Alibaba’s Alipay and WeChat Pay have massive market buy-in. ![]() The accessibility of the mobile phones combined with new mobile payment offerings from trusted sites like Alibaba helped mobile payments gain a strong foothold in the Chinese economy. At the same time as the popularity of these affordable mobile phone options was rising, digital payments were becoming increasingly more popular. However, when affordable mobile phones became widely accessible, the country’s large consumer base suddenly had access to cashless payment technology. Before the advent of mobile phones, China’s economy was largely cash-based, and its banking infrastructure was underdeveloped. The top three mobile wallets being Alipay, WeChat Pay, and China UnionPay.Ĭhina is incredibly far ahead of the rest of the world in this aspect, in large part, because of the timing and lack of credit card infrastructure in the country. ![]() The payment landscape of China is unique and heavily dominated by mobile payment options. ![]()
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