Mobile Payment Gains Traction

Mobile payment is taking China by storm and drastically changing the way that people go about their daily lives. Rather than “Do you take credit card?” the common question has become “Do you take Alipay? WeChat Pay?” China’s lack of red tape and a less developed financial system have allowed mainland China to quickly embrace mobile payments. Mobile payment volume in the country skyrocketed last year and is expected to rise substantially this year. Alipay holds about 54% of China’s mobile payments market, while WeChat Pay accounts for 40%.

Shanghai Business Review is the leading English language website and print magazine for business leaders conducting business in China.