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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Mobile payments popularity will be greater than credit cards in two years
A new U.N. report underscored the skyrocketing growth of PayPal, Alipay and other blockchain based transaction systems. A United Nations report indicates that by 2019 mobile payments popularity will “overtake credit cards” in terms of online shopping use. The report pointed to blockchain using systems as primary drivers for the popularity of mobile transactions. The United Nations body released a report saying that digital currency systems of payment will see greater use in e-commerce than debit and credit cards by 2019. The mobile payments popularity report was released by a…
Read MoreTop mobile payments app users are Millennials
In China, this generation is leading the way in the use of smartphones as credit and debit cards. A recent study has revealed that mobile payments app use is greatly driven by Millennials. The research indicated that Chinese device users between the ages of 21 and 39 are top users of these applications. Mobile wallets are seeing the highest use by device owners from 21 to 29 and 30 to 39 years old. eMarketer conducted this research and found that mobile payments app use is high in China. That said…
Read MoreAmerican Express makes a move on Chinese mobile commerce
Mobile payments continue to grow in China Mobile commerce is making strong progress in China. A growing number of people are using their mobile devices to shop online and this is putting pressure on businesses to become more mobile-centric or risk being left behind by consumers. American Express has announced its partnership with China Mobile, the largest telecommunications company in China. Through this partnership, the two companies will work to promote Hebao, an NFC-based mobile payments system. Hebao aims to make it easier for Chinese consumers to make payments while…
Read MoreMobile payments receive new framework in China
People’s Bank of China sets sights on mobile payments The People’s Bank of China, China’s largest telecommunications company, has released new technical standards that are meant to govern the proliferation and support of mobile payments. Mobile commerce has been experiencing strong growth in several Asian markets, with much of this growth taking root in China. A growing number of consumers are becoming comfortable with the idea of mobile payments, leading People’s Bank of China to begin seeking ways to expand mobile commerce services throughout the country. In order to do…
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