Solution Portfolio - Page 150



Part 1
Part 2
Part 3
From China, to the world: How Chinese payment
habits are changing global payment models
Part 4
THE GLOBALISATION OF MOBILE PAYMENTS
Mobile payments (a payment method that uses mobile
dropping to 0.5% by 2020. This trend is quite strong
devices to initiate, authorise and conrm a commercial
among the Nordics, with both Norway and
transaction) have led to disruptive revolution in our
Denmark having eliminated cash in most scenarios.
society. Although the concept of using non-coin-based
The New York Times reported that cash was used in
currency systems has a long history, it is only recently
about 20 percent of all consumer payments in
that the technology to support such systems has
Sweden in 2015, in contrast to the 75% of all
become widely available.
transactions throughout the rest of the world. India,
too, is digitizing everything from payments to
Even if mobile payment technology has been
identication.
originated in the USA, it’s China that takes credit for its
development and boom. Of the top 20 world
economies, China has experienced the highest
growth in cashless payments over the last ve years.
Mobile payments apps have leapfrogged credit and
debit cards in China, signposting the way forward for
the rest of the world.
But China isn’t alone in going cashless. Sweden is
one of the most cashless countries in the world,
with coins and bills playing a minor role (only 1%) in
Sweden’s economy, some expect to see this gure
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
29

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