How China?s Mobile Payment Craze Will Affect the Future of Global Luxury Retailing - luxury Blogs

How China?s Mobile Payment Craze Will Affect the Future of Global Luxury Retailing

Photo: Shutterstock.
There is little doubt that China has taken a leading position in transitioning toward a cashless and digital society. Thanks to the swift development of mobile payment solutions such as Alipay and WeChat Pay over the past two to three years, digital transactions have been made seamless and convenient for Chinese consumers.
In 2016, Chinese consumers processed a total of $3 trillion in transactions through Alipay and WeChat Pay. The evident rise in popularity of mobile payments among the Chinese has already caused a high adoption rate of services by domestic retailers and merchants.
A June 30 report, released to us exclusively by the consulting firm Kapronasia in collaboration with the payment promotion agency CANCAN, indicates that a similar trend is also taking off at an international level. The study, which is based on a survey of over 1,000 Chinese consumers and more than 60 global merchants, points out that the widespread trend in cashless transactions in China, which coincides with the explosion in outbound tourism, is set to cause a revolutionary change in the way global luxury retailers operate their businesses in the foreseeable future.
Rich Chinese travelers demand mobile payment services overseas
Factors including ?ease of use? and ?convenience? have driven Chinese consumers to prioritize mobile payments during overseas shopping, according to the survey, with 67 percent of respondents reporting that they use mobile payments overseas.
When ask...
Source: thetoptier


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