Solution Portfolio - Page 142



Part 1
Part 2
Leading the world in mobile payments:
Alipay and WeChat Pay
Part 3
Part 4
Usage rate of various payment methods by Chinese and non-Chinese tourists travelling overseas
44%
30%
Cash
42%
Bank Card
Figure 2.2
1
Cash
52%
NonChinese Chinese
Tourists Tourists
Bank Card
5%
28%
Mobile
Mobile
The total amount spent by most Chinese tourists via
leading players in mobile or e-payment, which has made
mobile while overseas has increased over the last 2 years
it possible for Chinese to buy breakfast at the street stalls,
– 77% of Chinese tourists said they spent more money
order food online, pay credit card bills, and manage stock
using mobile payment on their most recent overseas trip
accounts with just a smartphone.
compared to the previous ones.
Alipay and Tenpay are by far the dominant players, even
Looking at these numbers we can state that digital
if some small companies are taking care of some niches
payments have leapfrogged traditional payments in the
as they lack use cases. But why have digital payments
Chinese habits: according to ofcial data, 81 trillion Yuan
surpassed the use of traditional ones? Recent studies
in the third quarter of 2017, +40% more than the
identied 5 main reasons:
previous year. China is indisputably one of the world’s
1 Alibaba and Tencent ecosystems have a huge penetration rate: they leveraged their existing
large
customer base to scale up (e.g. simultaneous scale-up of mobile payments and the taxi-app wars).
2 Unique infrastructure allows a quick onboarding: customers need only to link their bank account and they
can easily transfer money into the wallet.
3 They are highly convenient: thanks to the adoption of the latest technologies (e.g. QR code) and multiple
innovations, they offer high convenience compared to bank cards and cash
4 The fee structure for mobile wallets is low and closer to cash
5 There has been an increasing penetration of internet on mobile (with 3G and 4G enabled devices)
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
21

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