Banking

Insights from China’s Next generation payment technologies

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.

Published

5 years ago

November 15, 2016

Zhang Fang

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.

These two market leaders are well-known for their digital payment platforms – Alipay and WeChat Pay

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

Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

Published

2 weeks ago

October 10, 2021

Boris Sullivan

The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

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Banking

S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.