No wallet? Any problem?
This is a selection of resources on cashless payment modes in China available from the Internet. It is not meant to be an exhaustive list. If you know of or come across more useful resources, please drop us a note so that we can share them with our readers.
No wallet? No problem
Cash and wallets may soon become a thing of the past with smartphone payments becoming more widespread in China today, enabling one to use mobile phones to make purchases from small street vendors as well as pay utilities bill and public transportation fares.
In urban China, cash is rapidly becoming obsolete
Paying with smartphones is becoming the norm in China today, making cash increasingly redundant as a mode of payment. However, the downside of China’s reliance on smartphone payment platforms is the exclusion of tourists and business travellers who do not have bank accounts in China. In addition, foreign businesses are forced to use the payment platforms of Alibaba and Tencent – the two Internet companies currently dominating China’s mobile payment market – or risk being unable to receive payments.
Social networks, e-Commerce platforms, and the growth of digital payment ecosystems in China: What it means for other countries
This report examines the online payment services provided by two Internet companies in China: Alibaba and Tencent. The digital payment ecosystem has leveraged existing e-commerce platforms and social networks to increase usage and open up new economic opportunities and markets.
What is Alipay?
This video introduces Alipay, one of China’s leading third-party online and mobile payment platforms. The Alipay mobile app is a global lifestyle app used by more than five percent of the world’s population.
Source: Alibaba Group