Note from the Publisher: On a day when we are finding all sorts of interesting new information on fintech, we found ANOTHER story – quite well written actually – on China’s massive mobile payments adaptation published on a Pakistani news website (in English, not Urdu, thankfully!). We are always a bit sorry to report that US may NOT be the epicenter of fintech – you know us Americans – it’s all about us. However, adaptation of fintech in China is through the roof. Nearly 58% of the population use mobile payments, more than the US & European populations combined. Likewise, Europe has more jobs in fintech than the US. So, whenever we see a major story like this with a broad market overview, we take note.
“Almost no one uses cash here anymore,” says cafe manager Lily Li, adding that more than 80% of all payments in the coffee shop are made via mobile phones.|
But it’s not just global chains that offer “m-payment” in one of China’s most technologically advanced cities. Out on the street, two women are selling noodles from a small stall during the morning rush.
Amid the steam billowing from the big boiler and the smell of hot spices, I can hear the constant beeping of phones scanning the stall’s QR code. While digital payments are dominated by debit or credit cards in many Western countries, China’s consumers have jumped directly from cash to mobile.
Of the country’s 710 million internet users – more than the United States and Europe combined – the utilization ratio of mobile online payments stands at 57.7%. Put in plain English, the majority of people who go online are using their smartphones to pay for goods and services, primarily through Alibaba’s Alipay or WeChat’s payment service, according to a November report by consulting firm Ernst & Young and Singaporean bank DBS.”
Read Full Story at Dailytimes.com.pk