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Cashless is more: proximity mobile payments widespread in China and taking off in Thailand, other Southeast Asian markets trail behind

Strategic Highlights
Published: 2017-11-02

The popularity of smartphones has given birth to a gamut of mobile-based services with mobile payment services among them. However, in many markets, particularly in Asia, mobile payment has yet to take off since many still prefer transactions in cash. In Asia, China is one of the successful examples of proximity mobile payments. Payment via mobile is quite widespread in the country with many merchants from fruit stalls to retail stores as well as service providers from taxis to salons supporting this mode of payment particularly via QR code. The major mobile payment players in China are Alipay (mobile payment platform of Alibaba – an e-commerce giant in China) and WeChat Pay (mobile payment platform of mobile OTT app, WeChat developed by Tencent). Both Alibaba and WeChat took advantage of their large user bases, i.e. over 400m e-commerce active buyers in 2016 for Alibaba and over 800m monthly active chat users for WeChat.

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Published: 2017-11-02

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