Solution Portfolio - Page 140



Part 1
Part 2
Leading the world in mobile payments:
Alipay and WeChat Pay
Part 3
Part 4
HOW HAS DIGITAL PAYMENT LEAPFROGGED TRADITIONAL
PAYMENT IN CHINA?
With over $12.8 trillion mobile payment transactions
during their last trip , together with cash and
in the rst three quarters of 2017, no other country in
cards as it is normal for Chinese tourists to employ
the world can compete with China when it comes to
multiple payment methods while travelling overseas.
digital payments. China proved to be the most
The penetration of mobile payments during overseas
receptive nation in welcoming new digital payment
travel by Chinese tourists far exceeded that of their
methods and faster in abandoning the “old”
non-Chinese counterparts, with only 11% of
payments. In 2012, 96% of the Chinese paid by cash;
non-Chinese tourists using mobile payment.
by 2018, things have changed drastically with
85.2% payments made via mobile devices.
Of course, a big transition has been registered in the
Western countries as well, but the shift was mainly
from cash to credit cards and it is only recently that
we see a slow movement towards mobile payments.
The rate of adoption of cashless and e-commerce
payment methods is faster in China than in the rest
of the world. Chinese consumers had no hesitation
to say goodbye to credit and debit cards and go for
mobile payments (68% vs 15% in the US).
This attitude is also supported by China’s digital
infrastructure, China is not only the largest
e-commerce market in the world but also the major
global force in mobile payments with 11 times the
transaction value of USA. This is complemented by
Chinese government’s support for digitalisation as
an investor, developer and consumer.
Chinese replicate this payment behaviour when they
travel abroad. 65% of outbound Chinese
tourists paid using mobile payments
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
19

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