It is predicted that mobile payment will soon replace card payments as the most common payment worldwide, something that has already been realised in some big cities in China.
Baidu, China’s largest search engine and Jingdong, one of the country’s largest e-commerce companies, are following the lead of China’s two internet giants, Alibaba and Tencent in actively developing mobile payment services for use at home and abroad.
China’s mobile payment business is already expanding around the world at a fast pace.
Alipay, the third-party mobile and online payment platform established by Alibaba, can now be used in 33 countries and regions.
While WeChat pay, a similar payment platform owned by Tencent, is available in 13 different countries and regions.
These new platforms are not only meant for Chinese travellers but also a growing number of foreigners are enjoying the convenience of the digital payment solution.
As the development of mobile payment shows, the changes technology is bringing to retail, services and finance are revolutionary and China is establishing its advantages in internet finance, finance technology and related fields.