Nowhere in the world have QR code payments taken off the way they have in China – where they are now the most popular form of mobile payment. Even some beggars accept QR code payments: Instead of a hat for change, they hold out a code that you can scan to put money in their WeChat wallets. Not even a government ban on QR code payment could stop its growth. In this comprehensive article, Caijing reporter Zhang Wei explains the latest developments in China’s QR code payment system. getAbstract recommends this report to businesspeople with operations in China and people in the financial technology industry.
In this summary, you will learn
- How large China’s mobile payment market is,
- Which players shape the market,
- How the Chinese government regulates the industry and standardizes mobile payment services and
- How card payment organization UnionPay plans to grow its mobile payment services.
About the Author
Journalist Zhang Wei writes for Caijing, a leading Chinese news magazine that provides original news and analysis on business, finance and economic developments in China.