Solution Portfolio - Page 151

Part 1
Part 2
Part 3
From China, to the world: How Chinese payment
habits are changing global payment models
Part 4
It’s not only highly developed countries that are
“In this changing scenario China plays a key role as a
adopting digital payments; some communities are
huge laboratory of innovation,” quoted Angela Wang,
going cash-free because they have to, for instance
core member of The Boston Consulting Group’s retail
Ecuador and the self-declared republic of Somaliland
sector in Greater China “and in this lab everything
in East Africa.
takes place on people's phones”.
No matter the reason to move towards a cashless
Five hundred million Chinese consumers – the
society, it is a reality that payments around the world
equivalent of the combined populations of the US, UK
will be reshaped by technology and redened by
and Germany – regularly make purchases via mobile
regulations. For the next generation of users,
platforms, even in brick-and-mortar stores. What will
shopping will always be via mobile and payment
this transformation mean for the future of shopping?
always virtual.
Apple boss Tim Cook said that China outdoes the United States and Europe in the development of mobile
payment technology because local people are more willing to embrace changes.
People in the US and Europe get used to credit cards.
And merchants in the US are very slow to adopt new
terminals that make mobile payment possible. But in China, because
of the huge number of small businesses, there is a higher willingness
to embrace changes.”
Digital wallet providers (Apple Pay, Android Pay, Samsung Pay etc.) have won the rst battle of consumer
awareness. Today, one in two knows which types of mobile payment services are available. They just need to
educate more on acceptance – only 40% know which shops and retailers will accept contactless payments via
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.


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