Mobile payment providers offer opportunities to other countries

THIRD-PARTY MOBILE PAYMENTS have become a way of life for many Chinese residents, and China will move further ahead in this regard despite the challenges, Bai Ming, deputy director of the Commerce Ministry's research institute was quoted as saying on haiwainet.cn:

Last year China's third-party mobile payments reportedly reached 38 trillion yuan ($5.5 trillion), nearly half of the country's GDP last year. A report by the Better Than Cash Alliance released in April suggests that Chinese mobile payment platforms Alipay and WeChat Pay, which enabled $2.9 trillion in digital payments, have not just granted Chinese people wider access to digital financial services but also created more business opportunities worldwide.

A report issued by the McKinsey Global Institute predicted that by 2025 mobile payments would increase the GDP of developing countries by 6 percent while creating 95 million jobs.