China is in a period of dramatic change as technology re-defines how millions of Chinese conduct their financial lives. From payments to wealth management, to insurance, finance has increasingly gone digital.
Nowhere is this more evident than in the retail market. Since the launch of QR code based mobile payments in China in 2012, it is rare to find a shop in a tier one or two city that does not accept mobile payments. Alipay and WeChat Pay have become the platforms of choice for millions of Chinese as they pay for meals, clothing, and more through their phones.
The fact that Chinese are spending significant amounts of money abroad is not new, but how they are spending it is. Increasingly, these Chinese citizens are using their mobile phones to pay for everything from a Longchamp bag on the Champs-Elysées in Paris to a slice of pizza in New York City. What started as a Chinese phenomenon has now gone global. Alipay alone is accepted at 80,000 merchants globally in 70 countries and WeChat at over 300,000
Based on a survey of over 1,000 Chinese consumers and over 60 global merchants, this report is the first report to look at the future of Chinese overseas mobile payment usage. Throughout the report, we examine the key trends and insights to better understand the Chinese overseas digital consumer including their habits and outlook as well as provide specific recommendations for global merchants to better address the needs of these consumers.
This report should deliver incredible insight to anyone whose business deals with overseas Chinese tourists.