How China’s mobile payment trend is encroaching on foreign markets

Source: TechNode

Chinese consumers spent a total of USD5.5 trillion on mobile payment platforms last year, about 50 times more than American consumers. Between 2013 and 2016, the number of transactions through non-banking mobile apps has increased from 3.8 billion to over 97 billion, with WeChat Pay and Alipay taking over 90% of the market. As a result, these two companies are now taking the fight overseas, from Europe to Southeast Asia.

In Southeast Asia, both Alipay and WeChat Pay have taken the approach of providing subsidies to quickly educate the under-banked population in hopes of quick adoption. On one hand, Alipay has been forming partnerships with local partners to help boost infrastructure and expertise, as it has done with Paytm in India. On the other, WeChat Pay has focused on working with partners in developed markets to expand their market presence. Recent examples of this include partnerships with Citcon and Stripe to allow local businesses to accept WeChat Pay.

Source: A peek into how China’s mobile payment trend is encroaching on foreign markets – TechNode