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Chinese mobile payment

Internet company get involved in online payment, providing multiple channels including payment by credit card, debit card, echeck, etc. For example in China, there are Alipay and Wechat. They are specialized in mobile payment in daily life. In some countries, it is NFC. Three years ago, you almost cannot see a figure of Chinese internet company. While this year Alipay, Wechat and other Chinese companies have been the stars in American tourism conference hall.

Chinese mobile juggernaut rout to overseas market in tourism is accorded with the rout of tourist growing distribution. Alipay and Wechat battle has been extended to north America. On the other hand, they bring the QR code to America, adding a new payment channel other than the traditional payment methods.

Different from South Ester Asia market, America financial system is very developed and mature. The credit card history is long standing. The mobile payment popularity rate is not high, which is mainly referred to Apple pay. Before Chinese mobile payment enters America, mobile pay is NFC of Apple pay.

Apple pay choose to cooperate with financial institution, which is different from the Alipay and Wechat that relies on paying by user wallet’s balance. Apple pay user add bank card in their cellphone and all transaction data will be directed to financial institution without through Apple pay. The opening cooperation makes the bank be friendly to Apple pay. It account for 75% market share in the enter north America.

From the actual cases, it is obvious that the clerk has not been used to this kind of payment way. In the meantime, Chinese mobile pay requires scanning QR code, which means the merchant has to upgrade the hardware and software. There is still a long way to go for the new mobile methods accepted in overseas market.