China is one of the world's leaders in the adoption of mobile payments. Widespread adoption of mobile payments in China has facilitated the growth of e-commerce in China and growth in the retail banking sector.
Development
editChina is one of the world's leaders in consumer internet and mobile payments.[1]: 130 In most parts of the developed world, credit cards have been popular since the second half of 20th century but were not widespread in China.[1]: 130 China's wide adoption of mobile payments without significant credit card usage is an example of leapfrogging development.[1]: 130
The increase of mobile payment systems such as Alipay and WeChat Pay have facilitated the rapid rise of e-commerce in China.[2] Mobile payment platforms help simplify the transaction process and ensure the security of transactions to win the trust of consumers. Therefore, the mobile payment system has completely changed the daily life of the Chinese people and the future business model.[2] The rise of e-commerce has in turn facilitated the further rapid adoption of digital payment and mobile wallets.[3]: 2
See also
edit- Payment services provider
- Mobile payments in other Global South countries:
References
edit- ^ a b c Šebeňa, Martin (2023). "Technological Power". In Kironska, Kristina; Turscanyi, Richard Q. (eds.). Contemporary China: a New Superpower?. Routledge. ISBN 978-1-03-239508-1.
- ^ a b Liu, Rong; Wu, Jifei; Yu-Buck, Grace Fang (2021-01-01). "The influence of mobile QR code payment on payment pleasure: evidence from China". International Journal of Bank Marketing. 39 (2): 337–356. doi:10.1108/IJBM-11-2020-0574. ISSN 0265-2323.
- ^ Liu, Lizhi (2024). From Click to Boom: The Political Economy of E-Commerce in China. Princeton University Press. ISBN 9780691254104.