Removing Barriers -- How Chinese Payment Methods Are Bridging the Gap Between East and West

Payments
China
Methods
Alternative Payments
Mobile payments
UnionPay
WeChat Pay
Kelly Yuan -- Credorax
Apr 12, 2020
Whitepapers

China's annual gross domestic product more than doubled from 2010-2019 and is over 10 times larger than its GDP in 2001, a sign of how quickly the economy of the world's most populous country has grown. While that growth has begun to slow in recent years, Chinese tourists are using their increased spending power when travelling abroad, especially through mobile payments.

This whitepaper details three alternative payment methods European and American companies should adopt to capitalize on the buying power of Chinese shoppers, which are Alipay, WeChat Pay, and UnionPay QuickPass. The paper also considers how payment methods can be used as channels to more effectively market to consumers and why mobile payments are vitally important in capturing new customers.

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