Mobile payments such as Apple Pay and Samsung Pay are hot, but many consumers still prefer cash (TechRepublic)Ī recent poll revealed that serious cybersecurity concerns are at the root of consumers' confidence in mobile-only payments. Western tech companies have established themselves in the consciousness of the Chinese public. Western tech brands are recognized in China, but their products are rarely used The record number came after the Chinese technology giant announced last month that daily active users of its popular WeChat service exceeded 1 billion. Over 800 million WeChat users sent digital monetary gifts during Lunar New Year ![]() Previously available only to consumers with a Chinese bank account and local mobile number, Alibaba's e-wallet now can be used by short-term visitors to mainland China over a period of 90 days.Ĭhina has 'no timetable' for digital currency launch: People's Bank of China governorĮarlier remarks from a Chinese central bank official had indicated that China was ready to launch its own digital currency. CNN Sans ™ & © 2016 Cable News Network.Alipay open to foreign visitors for first time ![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The number of visitors and how much they spent both rose by about 5% compared to a year earlier. Nearly 31 million foreigners traveled to China in 2018 and they spent $73 billion while they were touring the country, according to government statistics. Mobile payments in China hit $42 trillion in 2018, up more than 28 times from five years ago, the People’s Bank of China said in a report earlier this year.Īnt Financial said Tuesday that the new international service will allow it to tap into the growing number of visitors to China. ![]() (AAPL) accepts Alipay in its local stores in China, after its own payment system failed to gain traction. With more than a billion users, the digital payment systems have largely replaced plastic cards and cash at registers, changed how friends and families give gifts to one another and even changed how panhandlers ask for money. Your Stripe account will show the payment method as WeChat Pay and the amount received in your account will be 100. (TCEHY) dominate cashless payments in China with their Alipay and WeChat Pay platforms. When the WeChat Pay user clicks 'Submit Payment' and scans the QR code with WeChat, the 100 is converted to CNY and the corresponding amount will be paid in CNY. Simply download via app stores to start enjoying wallet-free travel! That QR code by the cashier will no longer be a foreign sight. You want to use and guess what? Now you can! Visitors to China are now able to #PayWithAlipay. WeChat Pay users can add international credit cards directly to their digital wallets. The prepaid cards expire after 90 days and any remaining money is automatically refunded. ![]() The services could remove one of the biggest headaches for visitors to China, where everyone from taxi drivers to luxury malls have come to rely on mobile payments.Īlipay users can now download and buy prepaid cards within the app using international debit and credit cards. Not to be outdone, Tencent-owned WeChat Pay announced on Wednesday that it will also roll out services for foreigners visiting China. Visitors to China can now access the country’s massive cashless economy.Īlibaba-affiliated Ant Financial launched a new international version of its mobile payments app Alipay on Tuesday, marking the first time tourists and business travelers can use mobile payments in mainland China.
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