As a result of the vast number of mobile payment users, retailers are no longer just using mobile payments as an additional payment option.
Retailers are also starting to embrace mobile payment as a critical feature to cover their marketing and promotion targets.
Mobile payment has grown rapidly in China in recent years, and China's mobile pay boom is a positive example of global retail recovery.
China's mobile payment growth shows the compelling consumer and business benefits of moving toward a cashless retail industry and why U.S. retailers need to follow China’s global leadership in mobile payment trends.
In China, mobile payments have long been the main form of payment used by consumers on a daily basis. The growth of mobile payment has changed society from many perspectives and empowered Chinese society's digital transformation.
The China Payment Clearing Association (CPCA) recently released the "2020 Mobile Payment User Survey Report," which showed that 74.% of customers used mobile payment every day last year, increasing 4.4% over the previous year. In the process, the report indicated that popular social media platform WeChat has replaced Alipay as the most frequently used mobile payment product by users.
In the past 12 months, over 100 million people have placed orders within department stores' WeChat mini-programs, which combine social media and e-commerce. Transactions for consumer goods in WeChat have also surged a remarkable 490% year over year.
These developments signify that the cashless society is no longer just a feast for the 852.5 million Chinese mobile payment users; retailers with a solid digital footprint can also capitalize on this exciting trend.
The global number of mobile payment users was estimated to have reached 1 billion in 2020, according to eMarketer. It's time for retailers to understand mobile payments to avoid being technology laggards that risk disappointing customers by not offering mobile payment options.
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March 30, 2021 at 11:01AM
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Mobile pay can fuel advertising as well as transactions - PaymentsSource
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