Payment methods in China: How China became a mobile-first nation

Shipping methods in China

Over the past few years, paying with mobile phone has become a daily gesture in China. According to a survey, in 2018 92% of people in China’s largest cities use Wechat Pay or Alipay as their main means of payment. The phenomenon is the same in rural areas: 47% of the rural population is reported […]

PayPal officially entered China’ online payment market | daxue consulting

PayPal

On September 30, 2019, the state-owned People’s Bank of China approved PayPal’s acquisition of the majority stake of GoPay (国付宝 Guofubao) – a company running third-party payment platform in China. PayPal acquired 70% of GoPay’s equity interest through its China-based subsidiary, MeiYinBao Information Technology (Shanghai) Co., Ltd. (美银宝信息技术上海有限公司), and became the actual controller of GoPay […]

What companies must know about China’s FinTech scene | Daxue Consulting

FinTech industry in China

FinTech is short for “financial technology” and refers to the application of technology within the financial services industry. This advanced and innovative combination unveils a remarkable breakthrough in modern technology. FinTech currently serves as the critical foundation to build differentiated customer experiences via personalization, quick response, relevance, and seamless delivery. There are two types of FinTech […]

Mobile Payments Become New Norm in China

mobile payments in China

In the country’s eastern megacities, using smartphones to pay at the grocery store is completely normal. Due to the e-commerce boom and the infrequent use of bank cards, the habit of online payments in China has spread quickly. This type of transaction can be performed by a computer or a mobile phone. But Chinese people […]