![]() ![]() Risk assessment for a transport operator in Greater China.A world’s leading battery manufacturer setting its foot in China.A global tech company’s development of mobile payment in China.A global social media platform’s China export advertising expansion.Business Turnaround Consulting Service in China. Paying through mobile phones has become second nature for the majority of Chinese. Starting Sunday, the partnerships will allow online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said. By the end of 2021, around 903.6 million people utilized mobile payments in China, which equals roughly 64% of the overall population. In China’s largest cities, residents pay on average 80% of their monthly expenditures (roughly 5,000 Yuan) through mobile payment services, while in fourth- and fifth- tier city residents use these means for 90% (3,000 Yuan) of their monthly expenditures, according to a 2021 China UnionPay report.īy the end of 2022, the cumulated digital payment value in China is set to reach 3.5 trillion USD, making the country a clear global leader for digital payments, followed by the United States with 1.8 trillion USD.Īccording to 2021 year-end statistics, the People’s Bank of China (PBOC) processed 275 billion electronic payment transactions in that year, which is a 16.9% increase compared to 2020. 151.22 billion mobile payment transactions have been registered, representing a year-on-year increase of 22.7%. There are now 26 pilot cities and 5. While mobile payments were already ubiquitous in China pre COVID-19, the pandemic has been accelerating the mobile payment trend even more drastically.ĬOVID-19 boosted online and mobile payments in China Source: iiMedia, designed by Daxue Consulting, Daily usage frequency of mobile payment in China 2022. Chinese internet-based technology and service company Tencent has partnered with Finnish digital signature and data management developer Avaintec.In February 2020, the Payment & Clearing Association of China (PCAC) launched an action to encourage mobile payment usage, online payment, and QR payment to lower the risk of infection. Helsinki Business Hub supported the collaboration. During the measured period, about 29 percent of respondents. Together the two companies have brought Tencent’s WeChat Pay to Finland, offering the rapidly growing number of Chinese visitors a safe, familiar and convenient way to pay for their purchases. China has been moving rapidly toward a cashless society as the government pushes for the adoption of a digital yuan. This statistic presents the situations of using the WeChat payment function in China in 2016. WeChat Pay allows Finnish businesses to serve their Chinese customers better – and to improve their sales while doing so. ![]() When Chinese visitors want to buy souvenirs for example from a Moomin Shop in Helsinki or from the Arctic Circle Tourist Information in Rovaniemi, they can now pay with a mobile application that is quick, easy and already familiar to them: WeChat Pay. Mobile payment apps are already challenging cash in China, as Chinese consumers find them safer and more convenient. The Chinese also prefer smartphone payment apps while travelling abroad, and the ability to offer this option can really benefit retailers. WeChat Pay is the leading mobile pay platform in China, with more than 800 million monthly active users and over 1 billion daily transactions on average in 2018. Along with the rapid development of the Chinese economy, more and more Chinese tourists travel abroad, and WeChat Pay collaborates with local merchants to meet their needs. With WeChat Pay, users can make payments quickly and conveniently in their own currency by simply scanning a QR code, without having to exchange money or withdraw cash. “In my opinion, for companies like Tencent, Finland and the Nordic area is a rapidly growing tourism market, and Finland is also a convenient shortcut between China and the rest of Europe,” says Service Manager Jie Guo from Avaintec. Helsinki Business Hub worked with Tencent and helped the company look for potential partners in Finland. ![]()
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