Recent research of the Nielsen survey reveals that Chinese tourists are fast-tracking the adoption process of mobile payment means around the world. The impact of the tour around the world indicates how the adoption has been successful in China in the past three years.
Increase Of Mobile Payment Adoption Around The World
Mobile payment adoption around the world has seen a growth of recent through the role of Chinese tourist. According to the report of a Nielsen survey, Three-fourths of supermarkets and convenience stores in Singapore, Malaysia and Thailand now accept Chinese mobile payment. Also, 71 per cent of duty-free stores and luxury stores in the countries use the payment method.
The adoption of the mobile payment method by these stores has been facilitated by the need to meet the demand of millions of Chinese tourist that frequent the countries. The two main dominant operators facilitating the mobile payment are Alipay and wechat pay. Alipay is operated by Alibaba and wechat pay is tied to Tencent, both Chinese firms.
Merchants in Thailand, Japan, Malaysia, Singapore and the U.S. which are the top destination of Chinese tourists according to travel booking site Ctrip are adopting the payment method to meet the demand of the tourists. A similar method adopted by stores in adopting Mandarin speakers to cater to the needs of tourists is being employed to cater for the needs of the tourist, as over 90 per cent of Chinese tourist according to Citcon prefer mobile payment overseas.
The extension of the mobile payment technology to the world by Chinese tourist is a product of an internalised development. Promotion of companies and the increased use of the smartphone in the country has turned a cash-based society into one where everyone scans a QR code with a phone to pay. There has been an increase in transaction volume from about $5 trillion in 2016 to about $16 trillion in the first quarter of 2018 according to Analysys data.
Chinese Mobile Payment and Cryptocurrency Adoption
Meanwhile, as tourism, a tool of globalization is promoting the use of mobile payment around the world by Chinese tourists, the internal policy of the Chinese government has inhibited the use of Cryptocurrency by the mobile payment apps which would have spread along the payment means.
Though the Chinese government accommodates the use of blockchain technology, the use of Cryptocurrency for settlement has been banned in the country. The ban caused Tencent and Alibaba to stop the use of Cryptocurrency on their mobile payment app last year to adhere to the rule of the Chinese government.