Mobile payment evolution
Mobile payment evolved in a huge extent in the past few years in China, and two most outstanding players in mobile payment market are WeChat and AliPay.
WeChat is a social media/messaging application owned by Tencent with the “smart wallet” feature built in, and AliPay is a payment application affiliated with Alibaba similar to PayPal. In China, almost all of the mobile payments can be done just by scanning the QR code either provided by the merchant/seller or the buyer. WeChat and Alipay have become the most popular payment methods in the past few years driven by the QR code technology. Chinese customers use mobile payments from buying fruits from a local joint to paying a personal piano tutor.
(If you’re interested knowing more how mobile payment is like in China compared to U.S., click here to watch a video made by Financial Times of using mobile payment in day to day life:
How about the mobile payment in U.S.? Apple Pay and Samsung Pay are implementing their mobile payment by installing NFC (Near Field Communication) Technology. However, according to Financial Times, consumers in U.S. and Europe still are used to paying by cards or cash rather than paying using their phones. And in my opinions, QR code is a less expensive and more convenient approach to mobile payment, especially for the small businesses.
How do you think mobile payment should be implemented in U.S.? Would the model in China also work in U.S.?