Summary of QR Code Payment

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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.

 

Summary

In the second quarter of 2016, total transactions by third-party mobile payment systems in China exceeded ¥7.5 trillion [$1.1 trillion], a 25% growth from the previous quarter. More than 350 million people now use these mobile payment systems, which are particularly popular among college students and young professionals. According to industry surveys, 82% of respondents have used mobile payment systems to purchase clothing and 75% to pay for food deliveries or bills at restaurants.

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