Chinese digital payment

Posted by zaiwu 11/06/2020 0 Comment(s) WeChat & QQ,

When it comes to the popularization of digital payment technology and related applications, China is undoubtedly the world leader today. Although the origin of digital payment technology is not in China, for example, the famous Elon Musk founded PayPal in 2000, started the digital payment business, and has already expanded the business to the world. But in China, the digital payment business is more flexible by means of payment, more comprehensive by local companies, and in China, digital payment has been fully integrated into people's daily life. The 2018 China digital payment data released by Statista, a foreign authoritative website, shows that among all the digital payment services, alipay ranked first, WeChat payment and QQ wallet ranked second and third respectively.


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In this survey, satista conducted an online survey of 2003 respondents aged 18 to 69. Of these respondents, 87% said they would use Alipay, while 76% said they would use WeChat. While the three to five QQ purse, Du Xiaoman payment and Apple Pay, 25%, 19% and 18% of respondents said they would use it. Obviously, they had a clear gap with the two Alipay and WeChat. However, such reasons are also related to the first way that businesses usually provide Alipay and WeChat. After all, for businesses, the two most popular payment methods are enough, providing more payment methods will also increase the cost of use for businesses.


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In satista's survey, 60% of respondents said they use digital payment or digital financial services every day. This proportion is several times that of other countries with the highest use rate of digital payment. This data also shows that Chinese consumers have completely relied on digital payment in terms of payment means. Spare no effort to consider that China's Alipay is one of the world's first mobile phone companies that spared no effort to promote digital payment technology on smartphones. The follow-up wechat has a huge user coverage, plus China has basically completed the promotion and popularization of smart phones in the early days, and the widespread application of QR code technology has completely opened the last barrier to promote digital payment. So many factors combine to create the situation of China's digital payment.


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Therefore, China's Alipay and WeChat will not be afraid of the challenges of foreign payment giants such as PayPal. Instead, China's consumers will be able to buy abroad and start to seize foreign markets as Chinese consumers go abroad. Many shopping malls and supermarkets abroad have begun to support Alipay and WeChat's sweep code payment. It can be said that in terms of digital payment, China is indeed ahead of the world.

However, as an application technology, digital payment can only bring convenience to people at most, but it can not really completely change human society. That's why Jack Ma started such companies as Alibaba DAMO Academy. Domatters also believes that in a few years, DAMO will develop truly advanced technologies that can change the process of human society. What do you think of this? Please leave a message to discuss.



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