![]() “With very low processing costs, quick receipt of deposits and no chargebacks, this payment solution has a lot of appeal to merchants, particularly smaller merchants. card networks and issuers, but the similar use of QR code based mobile payments, integrated within a retail app, is beginning to emerge through pilot programs, giving a glimpse of what may come. These mobile payment services are available only to Chinese nationals and are not a direct challenge to U.S. merchants have seen the cost benefits and purchase transaction simplicity of Alipay and WeChat Pay, they will be looking for the payments industry to bring similar ways to pay to their stores”, comments Ray Pucci, Director, Merchant Services Advisory Service at Mercator Advisory Group and co-author of the report. ![]() in-store payments market, until their key target market-Chinese visitors to the U.S.-collapsed. “The Asia Mobile Pays had gained a foothold in the U.S. who would use these acceptance locations with their homegrown mobile apps while on vacations, business trips and traveling to the states for academic reasons. COVID-19 plus trade tensions and politics have put an abrupt end to the stream of travelers from China to the U.S. market through availability at thousands of merchants. Mega payment apps Alipay and WeChat pay have been gaining traction in the U.S. Many users have both the Alipay and WeChat Pay apps and switch between them based on transaction context.In 2019, AliPay & WeChat counted over 1.7 billion active users.In 2019, mobile payments consumption in China surpassed $6.5 trillion.There are well over a million mini apps available on WeChat & AliPay.An AliPay or WeChat consumer or business user may use tens, if not hundreds, of these apps throughout their day.A mini-app could be an ecommerce retailer’s site, a ride-sharing service, a restaurant’s order-ahead site, a banking and investing app, or even a municipal utility.Mini-apps embedded within Alipay and WeChat are helping to drive usage growth and retention.Market Expansion StallsĪlipay & WeChat Embedded Apps Drive Transaction Volume: Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.ĭata for today’s episode is provided by Mercator Advisory Group’s report – Asian Mobile Pays Continue High Growth, But U.S.
0 Comments
Leave a Reply. |