![]() With multiple firms involved in the process, from banks to credit card companies, to payment processors, the cost of transactions goes up with their handling and processing fees. In contrast, the United States depends on banks for most non-cash payments, and all are tied to consumer bank accounts. Run by two of the world’s most valuable companies, Alibaba Group and Tencent Holdings, Alipay and WeChat Pay create a digital system that combines social media, commerce, and banking making payments a seamless part of shopping and living. Led by Alipay and WeChat Pay, Chinese consumers go straight from cash to smartphones, skipping the use of credit and debit cards. The Chinese government is playing an active role in building a world-class infrastructure to support digitization as an investor, developer, and consumer. ![]() Something as simple as implementing two payment methods can transform your business into a welcoming shopping experience for an entire demographic. But why should U.S.-based merchants take notice of these payment options?īy accommodating tourists and cross-border e-commerce shoppers from China, U.S.-based merchants can capture more revenue by gaining new customers, improving approval rates, and decreasing friction at checkout.įor example, a recent poll found that 93 percent of Chinese tourists prefer to use mobile payment options when traveling, and 73 percent said they would buy more if a mobile payment option was available. These two wallets account for 94% of all mobile transactions in China, and with 776 million people using mobile wallets in China, it is safe to say these two payment options are loved and expected by Chinese consumers. Alipay vs WeChat Pay: Two mobile payment options that dominate the Chinese payment space. ![]()
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