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China Mobile Payment: A Revolution
Jun 06, 2017

The "Better Than Cash Alliance", a subsidiary of the United Nations, has released a report that the market for social networking payments (Alipay and WeChat) in China in 2016, driven by Alipay and WeChat payments, reached $ 2.9 trillion , An increase of 20 times over the past four years.

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The report is titled "The Development of Chinese Social Networks, E-Commerce Platforms and Digital Payment Ecosystems - and Its Impact on Other Countries". The report points out that digital payment based on existing platforms and networks not only allows people to enjoy a wider range of digital financial services, but also expands financial and economic development opportunities in China and neighboring countries.


The report contains a number of important lessons and lessons that will help other countries to better transition from cash payments to digital payments.


A report released before McKinsey shows that by 2025, changes in the way of payment will lead to a 6% increase in GDP growth in developing countries, an increase of $ 7 trillion and 95 million jobs.

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"Social networking and e-commerce are growing rapidly in economies," said Ruth Goodwin-Groen, president of Better Than Cash Alliance. "In China, these channels (social networks and e-commerce) The vigorous development of digital payments and the attracting of millions of consumers into the economy is significant because people - especially female consumers - can use the financial services to pay more savings and accumulate through mobile payments Assets, deal with financial shocks, and thus have better opportunities to improve the quality of life. "


"It is the core mission of ants' gold service that allows more consumers to enjoy financial services, which allows more consumers to save, invest and get capital," said Eric Jing, an ant gold junk, in his report. We are also very proud of this is a quiet revolution in progress, and our services are giving hundreds of millions of consumers a huge impact.But as the report said, this revolution has just begun , We have greater potential to attract more consumers around the world to the financial system. "