Payment technologies in China have exploded recently: they enable many types of payments including P2P (peer to peer), functioning online, offline, short and long range.
Today’s mobile payments combine various detection and identification technologies, such as Near Field Communication (NFC), and biotechnologies, for example fingerprint identification.
SUCCESS STORIES: ALIPAY AND TENPAY
According to Big Data Research, in 2015 Alipay and Tenpay were the two biggest players in China in the third party mobile payment sector, respectively holding some 79.8% and 12.9% of market share, in terms of user service consumption volumes. (See chart below.)
These two market leaders are well-known for their digital payment platforms – Alipay and WeChat Pay. These can be fully integrated with traditional banks’ deposit accounts to enable real-time transfers between accounts.
The key is to grasp and exploit opportunity as soon as possible, by identifying relevant and applicable ideas to satisfy users’ real needs.
Source: Next generation payment technologies: Insights from China
