Solution Portfolio - Page 143



Part 1
Part 2
Leading the world in mobile payments:
Alipay and WeChat Pay
Part 3
Part 4
WHY DO CHINESE SHOPPERS LOVE MOBILE PAYMENTS?
They are fast: The bank-experience in China can be frustrating; long queues are a standard in city
branches, reaching the branches in the suburban areas may take never ending journeys and getting a
credit card requires dealing with bureaucracy. Digital banking expert and author of Digital Human Chris
Skinner explains, “Mobile payments were able to leapfrog in China because most people didn’t have
credit cards, debit cards or plastic money of any kind. So, when mobile payment apps rst came out,
they immediately caught on. The market was essentially primed. It was a unique set of circumstances.”
They are convenient: It didn’t take a long time for travellers to realise that the exchange rate when using
mobile payments is, in most cases, close to the best exchange rate for the day. This means that users
are saving money. Overseas shoppers also appreciate the convenience when they need to apply for tax
refunds. Mobile payment methods make the entire procedure faster and convert the foreign value to
Chinese Yuan basically in real time.
They make it easy to keep track of spending: Dealing with change and foreign values might be a bit
painful. Mobile payments eliminate the hassle because they directly convert expenditures into Chinese
Yuan. There is no need to calculate change, or to exchange currency.
They provide a small degree of safety: Many Chinese shoppers love to purchase in luxury boutiques,
high street department stores and duty-free shops, where they can spend quite a lot. Most of these
tourists do not feel comfortable travelling with a lot of cash. Some of them are a bit intimidated by using
bank cards, for several reasons – while abroad sometimes they cannot receive the transaction
notication via SMS. They are worried about having their account hacked or that the vendor may make
mistake and charge twice for the same transaction. They want to avoid any embarrassment in case the
card payment is rejected. By using mobile payments, customers can easily process transactions by
typing a password or using ngerprint recognition – they simply need to hold their mobiles and they
can be in control during the whole transaction process, with a higher level of safety.
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
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