Chinese mobile payments taking off as country moves toward cashlessness

Chinese mobile payments

A growing number of cities throughout the nation are accepting smartphone transactions for public transit. Chinese mobile payments are becoming increasingly valuable as residents, merchants and services adopt its use on a rising basis. During the quarter running from July through September 2017, their value tripled. Alipay and WeChat Pay use has been spreading like wildfire throughout Chinese cities. Consumers are using these Chinese mobile payments apps to pay for products, services, tickets and even high yield financial products. During that same quarter, the transactions in the country totaled an…

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QR code payment fraud in China’s radar with new caps

china QR code payment fraud globe

As popular as the mobile transactions may be, the country’s central bank is issuing new security regulations. China’s central bank is rolling out new regulations to help prevent QR code payment fraud. Quick response codes have become exceptionally popular in the country but have exposed consumers to fraudulent activities from criminals. Some of the most popular mobile payments apps in China currently use the barcodes to complete transactions. Both WeChat and Alibaba’s AliPay – two of the largest mobile payments apps in the country – use QR code payment technology…

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Online and mobile commerce record broken by Alibaba’s Singles’ Day

mobile commerce record

More smartphone shoppers than ever took part in the huge bargain purchasing event. The Alibaba Singles’ Day Shopping Festival managed to break online and, especially mobile commerce record figures once again this year. Chinese shoppers used their mobile devices to grab great discounts leaving former records in the dust. The estimated total sales for the event continued to rise until reaching an estimated $19 to $25 billion. The event itself is practically designed to break the mobile commerce record of the year before. It is a combination between a bargain…

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Chinese mobile payments are driving the country toward becoming cashless

Chinese mobile payments

People in the country have used cash for thousands of years but smartphones are rapidly replacing it. Chinese mobile payments are quickly gaining ground as the country goes increasingly cashless in favor of smartphones. Despite the popularity of cash and the fact that it has been used in China for millennia, its days may be numbered. This move toward mobile wallets is allowing much of the country to skip the use of plastic credit cards. In May, the Trump administration celebrated a bilateral deal with China, allowing American credit cards…

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Tencent reports greater growth thanks to mobile games and other ventures

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Company finds more success through a strong mobile focus Tencent, one of China’s largest Internet companies, has released information concerning its performance over the past year. In terms of sales, the company saw a 45% increase in quarterly sales, which is better than it had expected. Tencent is seeing significant growth through its mobile endeavors, especially where payments and gaming are involved. The company is also selling a wealth of content via its mobile platforms, such as WeChat and QQ. Adding rich content to mobile platforms make them more attractive…

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