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The Future Is Made In China | MISC
"How Chinese Design and Values Are Driving Global Innovation

Like many other children who grew up in Canada with parents who did not, we felt the light embrace of a distant – yet distinctly present – country and culture. We learned what it was like to grow up in China through the stories of our parents and grandparents. The China our families remembered was one defined by a simple life but also underscored by a lack of basic infrastructure. There were no roads or bridges, they told us. Educated youths were sent to the countryside to pursue farm labor, where they would have the best chance of a secure livelihood.

Despite an awareness that things have changed since our parents were children, we have both found ourselves stuck in China’s past. Even when visiting several times in the last decade, we were always surprised and amazed by the country’s modernity each time we arrived. The advancements in technology and the country’s overall progress since the Open Door policy was introduced 40 years ago is even more startling from our parents’ perspective. Ever since then-leader Deng Xiaoping opened the country’s doors through the introduction of free market principles in 1978, China’s GDP has grown at a pace so rapid that the World Bank described it as “the fastest sustained expansion by a major economy in history.” Even more significant is that with GDP growth averaging 10% per year – three times the global average – an estimated 800 million people have been raised out of poverty.

Conversations within our social circles, as well as observations of China’s representation in Western popular media, have made it apparent to us that most people in North America share our original assumptions about modern life in the country our parents once called home. What they don’t realize is that China has been working tirelessly to catch up.

Watch, Learn, and Do It Better

The narrative that China is a “copycat” of the US, particularly in terms of its products and services, is a popular one in tech circles. In recent decades, however, this idea gained traction across the international community, and the Chinese government and its people decided they no longer wanted to be seen as imitators. They wanted to rid themselves of the misconception of China as “manufacturer to the world” – only executing others’ ideas, never originating new concepts themselves. This was the catalyst for a 2015 initiative known as Made in China 2025.

This initiative identifies 10 industries within which China aims to be globally competitive by 2025, ranging from robotics, to new materials (such as those used in solar cells), to new-energy vehicles. While these goals may sound familiar, particularly to Westerners, Made in China 2025 stands out because it clearly outlines how the country plans to grow in these industries. The project acts as an extremely public blueprint for shifting the nation from an industrial economy to a service-based economy driven by technology and innovation. As a country, China is unified by a holistic approach and a shared vision rooted in innovation and research, enabling the many public and private actors required for change to work toward a common goal. China’s long tradition of direct government intervention in the economy has enabled it to succeed rapidly and on a massive scale.

China’s tech industry continues to expand rapidly, though the recent trade tariffs introduced by President Trump’s administration highlight the unstable dynamic between China and the US. In addition, it appears that there is still a shroud of mystery surrounding China’s advancements as a leader in the global innovation space. In a recent Wired article, Kai-Fu Lee, former president of Google China and current CEO of venture capital firm Sinovation Ventures, said:

I think from a logical standpoint the time has come to copy from China … but in practice, it’s not. Chinese entrepreneurs know everything about what’s happening in Silicon Valley. Silicon Valley people, a few of them know a lot about China; some of them know a little bit about China; most of them know nothing about China.

Rather than dismissing China or perceiving China’s advancement as a threat, it is time to acknowledge that in some areas, the country’s best-in-class technology has become an example to learn from.

Move Fast and Don’t Break Things

China is a blank canvas, largely due to a lack of legacy technology infrastructure combined with a uniquely enclosed innovation model despite substantial foreign investment. For China, following the common adage that spurs many companies in Silicon Valley – “move fast and break things” – would be a rash move with serious consequences. Freedom is a luxury that must be handled delicately, especially considering the sheer size of China’s population and its relatively nonexistent privacy laws. The following companies have managed to find this balance in their respective industries.

Payments: Alipay and WeChat Pay

At the forefront of the payments space are Alipay, operated by Alibaba’s fintech affiliate Ant Financial, and WeChat Pay, developed by Tencent. With Alibaba and Tencent both making the 2018 Top 10 Risers list in Kantar and WPP’s 2018 “BrandZ™ Top 100 Most Valuable Global Brands” report, the meteoric rise of mobile payments led by these two companies is proof of China’s remarkable ability to scale. The technology for quick response (QR) codes was originally developed in Japan in 1994 for the automotive industry and was later adapted by Alipay for use with mobile payments. China’s vast market and lack of credit and debit card use has expedited the expansion of mobile payments across the country. This, coupled with the centralized nature of Alibaba’s and Tencent’s ecosystems, quickly proliferated Alipay and WeChat Pay through ecommerce and social media, respectively. This meant that brick-and-mortar stores, from massive chains to the neighborhood food stall, had to follow suit or be left behind. And follow suit they did: Data from iResearch Consulting Group shows that mobile payments in China grew from 1.2 trillion yuan ($187B) in 2013 to 58.8 trillion yuan in 2016. In 2018, QR code settlements are expected to reach 165.9 trillion yuan: more than 90 times the size of the US mobile payments market, as reported by Forrester Research.

According to an article from Knowledge@Wharton, published by the Wharton School of the University of Pennsylvania, over the past three years Alipay and WeChat Pay have enabled 98.3% of Chinese consumers – including those in rural areas – to shift directly from cash to smartphone. By contrast, only 5.6% of the surveyed population in the US have used mobile payments. Looking ahead, Alibaba and Tencent are hoping to take their expertise in QR technology and go-to-market strategy to begin scaling in developing countries where consumers have less access to credit cards and other traditional banking services. If innovation is the process of turning ideas into outcomes, China’s nearly cashless transaction model has definitively allowed it to emerge as an innovation economy.

Online-Offline Integration: Hema Fresh

As ecommerce continues to boom and brick-and-mortar retailers find themselves coming up against rising land and labor costs, the question of how to blend digital and physical commerce becomes increasingly important. Many believe that the ideal state for bringing these two worlds together will come in the form of an integrated process that provides consumers with a seamlessly engaging experience while enabling companies to optimize both digital and physical operations. This future seemed elusive until recently.

For most, an important shift occurred when Amazon announced its purchase of Whole Foods in 2017 and opened its first Amazon Go location in January of 2018. Unbeknownst to many, however, Alibaba was three years ahead of its North American competitor, debuting its first attempt at “new retail” in 2015 in the form of Hema Fresh. For a first attempt, Hema Fresh is impressive. By connecting product barcodes with a mobile app, Hema Fresh allows consumers to research products during their in-store shopping experience. Shoppers can trace a product’s origin, delivery, and nutritional information, and the app also recommends recipes and other relevant products. The data taken from these cashless transactions enables further personalization of the user’s recommendations. The physical aspect includes an eat-as-you-shop option, where shoppers can hand-pick fresh seafood and have it cooked on-site. The food is soon ready for shoppers to eat in Hema’s dining area. Facial recognition is also used at checkout. Meanwhile, Hema stores act as fulfillment centers for online shoppers, who can have their orders delivered within 30 minutes of placement.

There are now 25 Hema stores across China, and Alibaba has plans to more than double the store’s presence in 2018. In a press release for Alibaba, Hou Yi, CEO of Hema, said that he hopes that “as [the] model becomes more established, it can be shared with other traditional retailers to help them transform in the digital age.”

Mobility: Didi Chuxing

Migration from rural areas in China has led to the ongoing expansion of urban populations over the past few decades, causing urban development to grow at breakneck speeds. Sprawling expressways and superblocks congested with cars now connect cities across the country. Didi Chuxing (“DiDi”), the world’s largest ride-sharing service, was founded with this simple frustration in mind. DiDi aims to “redefine the future of mobility” by leveraging big data and machine learning to help solve this problem, which is characteristic of many Chinese cities. While Uber and Lyft dominate ride-sharing in the US, the sheer scale and size of DiDi sets it apart. According to recent articles from Reuters and Wired, the service has 550 million users in over 400 cities in China, delivering… [more]
samanthalew  ronniepang  china  legacy  infrastructure  change  leapfrogging  2018  technology  design  didichuxing  mobile  phones  smartphones  alibaba  legacysystems  ecommerce  mobilepayments  wechat 
december 2018 by robertogreco
Twitter
„Wir nehmen nur Bargeld!“

Ein Satz, den man im -Paradies Montenegro nicht hören wird!

Payment-Paradies  mobilePayments  from twitter_favs
september 2018 by tmmd
Twitter
High tech!! I told him I have no cash n he took this out. 😁😁
mobilepayments  from twitter_favs
april 2018 by dtomoff
Twitter
Google is combining Android Pay and Google Wallet into one service called Google Pay | TheVerge ...
MobilePayments  from twitter
january 2018 by rickc57
Apple Pay Cash is rolling out for iOS 11.2 users - The Verge
Apple was forced to release iOS 11.2 on Saturday, which was a little earlier than planned, due to a software bug. Now, Apple Pay Cash — one of the marquee features of the update — is being activated for users.

Apple Pay Cash lets users send and receive money directly though iMessages, similar to Venmo or Square Cash. Money that people send you will live on a digital Apple Pay Cash card in the Wallet app, which users can spend anywhere that Apple Pay is accepted, or send to other people. (The new feature is only available in the US for now, though.)
Apple  ApplyPayCash  mobilepayments  peertopeer  launch  USA  TheVerge  2017 
december 2017 by inspiral
Venmo scammer walks away with $125,000 of Yeezys, iPhones, and more - The Verge
How an LA-based Venmo scammer walked away with $125,000 of Yeezys, iPhones, and more
Venmo  mobilepayments  fraud  review  critique  crime  USA  TheVerge  2017 
november 2017 by inspiral
Twitter
RT : Ein Jahr in Deutschland: Erwartungen deutlich übertroffen!
mobilepayments  from twitter
november 2017 by tmmd
In Urban China, Cash Is Rapidly Becoming Obsolete
It has nothing to do with debt, infrastructure spending or the other major economic topics du jour. It has to do with cash — specifically, how China is systematically and rapidly doing away with paper money and coins.

Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.
mobilepayments  banking  cash  money  trends  Alipay  WeChat  China  NYTimes  2017 
july 2017 by inspiral
Twitter
By 2021 estimates US will rise to $336bn, up from $19bn in 2015.
fintech  p2p  mobilepayments  from twitter_favs
may 2017 by dtomoff
Twitter
RT : We are in the forefront of the development, introducing , Wallet &…
Nordea  digital  mobilepayments  from twitter
april 2017 by ewanmacleod
QR code scams highlight security weaknesses in China's wallet apps
The QR code rules supreme in China. You can pay for almost anything with it: street food, toilet paper, a lobster dinner, a foot massage. You can even use it to socialize. At networking sessions, it’s not uncommon to scan someone’s WeChat QR code instead of giving them your business card.

But after an incident last week involving fraudulent QR codes and US$13 million of stolen money, the security of China’s most popular offline-to-online tool is coming under fresh scrutiny.

“Some criminals paste their own QR codes over the original ones to illicitly obtain money, as ordinary consumers simply cannot tell the difference,” wrote China Daily, a state-owned English media site, in an op-ed.

“That is why we are powerless to prevent QR codes from being used for fraudulent activities, and that is precisely why the enterprises using QR codes should assume their share of the responsibility for protection.”
QRcode  mobilepayments  security  fraud  review  China  TechinAsia  2017 
march 2017 by inspiral
Apple Pay Already Accepted at a Third of US Retail Outlets
The reach of Apple Pay has steadily expanded since the service was launched in October 2014. In two short years Apple (AAPL) has expanded the service to 13 countries, with four of them added last year - Japan, Russia, New Zealand and Spain.

During the first quarter 2017 earnings call, Apple CEO Tim Cook noted that Apple Pay's volume was up over 500% compared to last year even as the total number of users tripled during the period. Apple Pay experienced the same level growth in the fourth quarter of 2016 as well, which means the current trend has enough momentum to continue for some more time.
Apple  ApplePay  mobilepayments  statistics  penetration  growth  YahooFinance  2017 
february 2017 by inspiral
Does your P2P money transfer app do lunchtime!? – Ted Fifelski – Medium
Does your P2P money transfer app do lunchtime!? by @ted_gives https://t.co/Kbfwe4jUXf #mobilepayments #fintech http://pic.twitter.com/iX6Gn6tgWU

— Catherine Shuler (@rhetoricat) January 25, 2017
IFTTT  Twitter  fintech  mobilepayments 
january 2017 by rhetoricat

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