China’s mobile payments focus not just on wallets

Today, in Japan, South Korea, Southeast Asia and many other places to travel, shopping, do not exchange local currency, with WeChat payment, Alipay and other sweep code, according to the exchange rate of the day, the local currency can be automatically converted into RMB payment.

The range of mobile payments is expanding, with WeChat recently announcing that Amsterdam airport in the Netherlands has become Europe’s first WeChat smart flagship airport to experiment with the idea of allowing WeChat apps to order duty-free goods.

Users can buy goods in the small program before they arrive at the airport, and when they arrive at the airport, they will be able to pay for the pickup at the “WeChat pickup point” sweep code. At present, more than 80% of the merchants at Amsterdam Airport Schiphol have opened WeChat payments.

China’s mobile payments are accelerating the pace of overseas development

Alipay’s overseas offline payment has covered more than 40 countries and regions, access to including eating, drinking, transportation and other fields of hundreds of thousands of overseas merchants stores. More than 149 international airports around the world have access to Wechat payment, which supports payment in 13 currencies. By April 2019, the number of merchants covered by WeChat payment in Europe has increased by 3.5 times compared with last year.

According to the white paper on the development and trend of China mobile payment overseas tourism market in 2018, mobile payment accounted for 32% of the total transaction volume of Chinese outbound tourists, surpassing cash payment for the first time, with nearly 70% of Chinese tourists getting used to paying by mobile phone overseas.

Mobile payment overseas development generally begins with reversed transmission “demand”, pay treasure, pay WeChat covers many businesses at home, as “overseas purchase” scope expands unceasingly, many overseas merchants also hope to be able to access the mobile payment service for Chinese tourists, the third-party payment providers will need to help these merchants solve the problem of information, capital circulation, improving the Chinese outbound tourism consumption experience.

In addition to WeChat payment and Alipay, China unionpay is also gradually increasing the pace of international cooperation by virtue of its advantages in channels and cooperation.

In November 2018, UnionPay International, in cooperation with Malaysia Axiata Telecom Group, realized its wallet product Boost support UnionPay QR Code payment service through electronic card issuance. At present, consumers in Singapore, Thailand, Vietnam and other places can be tied to the mobile payment client to issue a UnionPay card, in the global UnionPay QR code merchant sweep code payment.

Lowering service barriers to promote the development of local inclusive finance

According to the World Bank, there are currently 2 billion people in developing countries who do not have bank accounts, only 10% per cent hold credit cards and only a 21% of those with loan needs receive loans through formal financial institutions.

Ant financial research found that in densely populated “One Belt And One Road” countries, although the economy is rising, the financial system is developing slowly and unevenly, and the cost of financial services for ordinary people is very high. In addition to promoting the development of local e-commerce and Internet economy, it can also greatly reduce the threshold for ordinary people to obtain financial services.

For example, in India, Thailand, the Philippines and other countries and regions, Alipay has landed nine local “Alipay”. Paytm, built in cooperation with India, can charge phone bills, pay utility bills, transfer money, and purchase goods and services online. Half of paytm250 million users are from second-tier and lower-tier cities and rural areas in India, contributing to the development of inclusive finance in India.