WITH THE PHONE AND WITHOUT CARDS: SO CHINA’S KILLING THE CASHhydras
MOBILE PAYMENTS ALREADY MOVE MORE THAN US $ 5 BILLION A YEAR. TECHNOLOGY COMPANIES SHIFTED FINANCIAL.
After ordering the food, they show a QR code to the cashier and pay with their cell phone. Instead of asking if they accept a credit card, in China mobile payments were massified to the point that the main query is whether they have Alipay or WeChat Pay, two of the largest payment platforms in the country.
One of the causes is its financial system less developed than that of other technological powers. This caused a jump to the mobile payments, leaving aside the cards. Last year, these transactions totaled $ 5 billion, according to a Hillhouse Capital report that also indicates that in the first quarter of 2017, Alipay had 54 percent of the market and WeChat Pay, 40 percent.
But the change is mainly in mainland China, but not in other regions such as Hong Kong, where cash and cards are still the most used means.