![]() The number of mobile payment transactions at Alipay also rose by nine-fold during the promotion week, said Ant Financial, an affiliate of e-commerce giant Alibaba. "There are various promotions and it really helps sometimes," Nie said.Īs of June, the proportion of China's web users aged 40 years old and above rose by 1.7 percent compared with 2016.ĭuring Alipay's Cashless City Week, participation by users aged above 50 years old increased by ten-fold compared with the same period last year. Nie Lina, 62, has learnt shopping online and ordering take-away from restaurants on her smartphone. More than 35 percent of them often make mobile payments while about 31.8 percent still prefer cash or credit cards, according to CNNIC.Ĭashless payment has become popular among senior citizens. Whether it is having meals in restaurants, taking a taxi, or shopping at supermarkets, Wang said she paid everything with her smartphone instead of card or cash.Ĭhina had 724 million mobile phone users by the end of June 2017. Wang Meijuan can hardly recall when she last paid in cash. "I can pay with my smartphone at almost all shops at the airport," Li said. She also got awards in her Wechat Pay account. Once they enter their payment information into the WeChat app, they can pay bills, make peer-to-peer money transfers, and pay for items online and in-store wherever merchants accept WeChat Pay. "The original price was 69 yuan (US$10), but I only paid 61 yuan because of Wechat's promotion," Li said. WeChat Pay is linked to users’ Chinese bank accounts and/or Visa, MasterCard, or JCB cards. Li Jun bought a box of chocolate at Shanghai Hongqiao International Airport. As of the end of 2016, the market shares of Alipay and Wechat Pay were 54 percent and 37 percent respectively, said Beijing-based marketing consultancy Analysys International. The two e-wallet giants dominate China's domestic mobile payment market. There are more than 500 million mobile payment users in China and about 400 million users pay on their smartphones while shopping in physical stores, according to figures released by China Internet Network Information Center (CNNIC). More than 10 million merchants are reported to have joined the promotion. When the buyer has completed the payment, the amount will be allocated to a partner settlement bank for currency exchange. Alipay allowed its users to get awards in their Alipay accounts by paying in physical stores. Wechat Pay's major rival, Alipay, also ran its Cashless City Week promotion from August 1-8. Its users can share their awards with friends on the app, helping merchants get more customers. 8 and will last until the end of the month. Wechat Pay's "Cashless Day" campaign began on Aug. But WeChat and Alipay are also potential competitors to the digital yuan's own app.With QR codes becoming a popular payment option, Alipay and Wechat Pay, two major third-party mobile payment tools in China, will run campaigns in August to bring more merchants and customers into the cashless world. In China, WeChat and Alipay, which is run by Alibaba affiliate Ant Group, dominate mobile payments last year, Alipay also began trialing digital yuan payments. Previously, users could get the app on an invite-only basis. ![]() That will enable anyone in those areas to download and sign up to use the digital currency. ![]() ![]() This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. ![]() To date, the People's Bank of China, which issues the digital yuan or e-CNY, has done limited trials in certain cities via lotteries where the central bank has handed out small amounts of the currency to some citizens.īut there are now signs that the PBOC is looking to expand usage of the digital yuan, despite no concrete date for a nationwide rollout. With almost 24 million subscribers, Safaricom has spent the last couple of years experimenting with creating a diverse M-Pesa ecosystem similar to one that WeChat Pay has in China with its 800. WeChat Pay has over 800 million monthly active users. It can also be used for purchases online. WeChat Pay allows users to show merchants a barcode on their phone to pay for items in store. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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