Solution Portfolio - Page 153



Part 1
Part 2
Part 3
From China, to the world: How Chinese payment
habits are changing global payment models
Part 4
According to a May 2018 article in Bloomberg titled “Why China’s Payment Apps Give U.S. Bankers Nightmares”:
The future of consumer payments may not be designed in New
York or London but in China. There, money ows mainly
through a pair of digital ecosystems that blend social media, commerce
and banking—all run by two of the world’s most valuable companies.
That contrasts with the U.S., where numerous rms feast on fees from
handling and processing payments. Western bankers and credit-card
executives who travel to China keep returning with the same anxiety:
payments can happen cheaply and easily without them.”
By 2020 consumer experience and expectations, and the role of technology in meeting these expectations,
will account for perhaps 70% of what shapes the evolution of payments. Mobile smartphone and tablet
technologies – with their rich functional capabilities supported by increasingly sophisticated applications,
capable of enabling complex transactions in a relatively secure technical environment – will be critical to this
shift in inuence.
Preparing your business to welcome Chinese shoppers.
A guide to understand and get started with Chinese payment methods.
32

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