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Gen Zers in China are digitally native, rather impatient and open to taking on debt to pay the things they want.
Tencent is testing medical services on its WeChat mini program.
Alipay and WeChat Pay have gone international more quickly due to booming Chinese outbound tourism. They are accepted not only at retail locations but also used to pay transportation fares in support of local services.
“New Retail” is a model for integrating online retail, offline retail and logistics across a single value chain powered by data and technology. In this biweekly series, we cover important developments in New Retail in China and beyond. Here’s what’s happening
“New Retail” is a model for integrating online retail, offline retail and logistics across a single value chain powered by data and technology. In this biweekly series, we cover important developments in New Retail in China and beyond.
“New Retail” is a model for integrating online retail, offline retail and logistics across a single value chain powered by data and technology. In this biweekly series, we cover important developments in New Retail in China and beyond.
The digital payments landscape is evolving rapidly as consumers and merchants adopt more innovative modes of payments. Cash is declining worldwide, while credit and debit cards have gained popularity. Mobile payment and wallet services are also gaining traction, supported by growing smartphone use, faster data rates and greater Internet penetration.
On December 10, Toss became the fifth Korean unicorn startup, after its parent company, Viva Republica, announced that it raised an additional $80 million in funding, bringing total funding to $200 million and valuing the company at $1.2 billion. The new funding round was led by Silicon Valley-based venture capital firms Kleiner Perkins and Ribbit Capital. Previous funding came from PayPal, Sequoia and the Singapore Sovereign Wealth Fund Government Investment Corporation.
Tencent has partnered with China’s leading bank-card service provider UnionPay and its subsidiary UnionPay International to offer cross-border mobile payment services for WeChat Pay HK users traveling to Mainland China, starting October 1.
Sending and giving red packets, or red envelopes, containing cash is a long-held Chinese tradition at Lunar New Year. Leveraging on this, WeChat, China’s most-used messaging app, introduced a function to send digital red packets back in 2014.
Many Chinese tourists are currently preparing to travel overseas during the Lunar New Year celebration, which begins on February 16 and runs through March 2 this year.In the US, hundreds of thousands of retailers and service providers are ready to cater to these tourists by offering them the mobile-wallet payment options they prefer, such as Alipay.
The US mobile payments market is highly fragmented, and leaders PayPal and Apple Pay have not yet achieved widespread public acceptance. US mobile payment platforms are hamstrung by hardware issues, proprietary systems and closed platforms as well as by a general lack of consumer enthusiasm.
PayPal announced that it has formed a strategic partnership with Baidu, which will allow PayPal’s global merchants to accept payments from Baidu Wallet users.
On January 26, Ant Financial and MoneyGram announced that privately held Ant Financial would acquire publicly traded MoneyGram (MGI) for $13.25 per share, representing a total deal value of about $880 million. The deal is expected to close in the second half of 2017.
China leads the world in mobile payments. This report focuses on China's most common mobile payments technologies: near-field communication (NFC) and QR codes.
