92% of the mobile payment in China is made through Alipay and WeChat Pay.The following are key data points from their study: iResearch conducted an incredibly insightful report last year about the Chinese mobile payment market. These two payment platforms have an incredibly large and active user base. Whether it’s the retail or hospitality industries, or e-commerce companies, Alipay and WeChat Pay users need to be top of mind. What is Alipay and WeChat Pay and How Many People Actually Use These Platforms? It’s abundantly clear that the companies who want to win in the future will start catering to Alipay and WeChat users now. By 2020, it’s estimated that $60 billion will be spent by Chinese consumers in the U.S.
On average they spent $7000, two times higher than their Japanese and Korean counterparts. There were 3 million Chinese tourists who visited the U.S. and European companies should put on their priority list? price equivalent in Chinese currency simple for its users.īut what about the market size? Is this really something U.S. WeChat Pay and Alipay also make calculating a U.S.
”Įven more data backs up what intuitive people could have probably concluded: That offering a familiar payment method that breaks through any language barrier would make shopping at their store more desirable. According to a recent survey conducted by Nielsen, “Chinese tourists expressed ‘convenience, speed, and familiarity’ (64%) as the primary reason for using mobile payment while abroad. 73% said they would spend more if a business offered them a mobile payment option. But what if simply accepting a specific type of payment method meant access to a lucrative new market? That opportunity is sitting right in front of American and European companies.ĭata shows that offering a mobile payment option to Chinese consumers – who rely heavily on the mobile payment platforms Alipay and WeChat Pay for their purchasing needs – is a surefire way to attract their business.ĩ3% of Chinese tourists said they prefer to use mobile payments when overseas. Often times they must invest more in their product, marketing or sales to do so.
Wechat pay alipay six more chinese download#
What will be the most exciting tech launch of 2021? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.It’s a given that businesses are always looking for an easy, cost effective way to add new customers. In November, the administration put on hold an effort to blacklist Ant Group, the Chinese financial technology company affiliated with e-commerce giant Alibaba. Last month, the Commerce Department added dozens of Chinese companies, including the country's top chipmaker SMIC and Chinese drone manufacturer SZ DJI Technology, to a trade blacklist.Īlso last month the administration published a list of Chinese and Russian companies with alleged military ties that restrict them from buying a range of US goods and technology. Many administration officials are eager to cement the hardline US position with China on a number of fronts before Trump leaves office. The latest action has been under debate within the administration for an extended period. US Secretary of Commerce Wilbur Ross said in a statement he supports Trump's "commitment to protecting the privacy and security of Americans from threats posed by the Chinese Communist Party." The Commerce orders would have effectively banned the Chinese app's use in the United States and barred Apple and Alphabet's app stores from offering them for download for new users. The Chinese Embassy in Washington did not immediately respond to a request for comment.Īnother official said the order mirrors earlier Trump executive orders signed in August directing Commerce to block some transactions with WeChat and Chinese-owned TikTok seeking to bar some transactions that have been blocked by US courts.Īny new transactions prohibited by the Trump administration are likely to face similar court challenges as the Commerce Department did when it sought to block transactions with WeChat and TikTok. It added the data collection "would permit China to track the locations of federal employees and contractors, and build dossiers of personal information."
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Trump's order says "by accessing personal electronic devices such as smartphones, tablets, and computers, Chinese connected software applications can access and capture vast swaths of information from users, including sensitive personally identifiable information and private information." Government Bans 43 More 'Chinese' Apps in India.
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