New Aite Group research finds that growth of noncash transactions across the globe is forecast to grow about 9% from 2015 to 2020.
Boston, March 29, 2018 — Aite Group’s newest report, Mobile Money in China: Disruption at Scale, examines two organizations that have created a new ecosystem built around QR codes in China. Alipay and WeChat Pay can be implemented by any merchant, even those that lack a point-of-sale terminal, and have made mobile money the primary means of payment in both online and offline transactions in China.
“In about 10 years’ time, a completely new payment model built around QR codes has become the dominant payment alternative for the world’s most populous country—China,” explains Thad Peterson, senior analyst at Aite Group. “Alipay and WeChat Pay have exploded on the payments scene, and their impact is being felt well beyond China’s borders. QR code-based payment volume may exceed traditional card-based transactions globally within 10 years,” he adds.
This new Aite Group report explores the emergence of mobile money in China and discusses the two major players, Alipay and WeChat Pay, and the impact that these payment schemes will have on the global payments community. It is based on interviews and conversations with individuals from over 20 organizations and thought leaders actively engaged in the Chinese payment space.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.