ONLINE PAYMENTS IN CHINA
While Brazil has just launched its official platform for tax-free bank transfers, known as Pix, China is on its way to becoming one of the world’s first cashless societies.
Learn how China took the lead in this global sector!
- Information about the Chinese lead in this segment
- How traditional banks and the fintech sector mingle in the Chinese economy
- The biggest digital payments companies in China, such as WeChatPay and AliPay
- Comparisons between China and Brazil digital payments ecosystem
- And much more!
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89% of the Chinese people use AliPay or WeChatPay for small purchases
85% of all China’s purchases are on digital platforms
14% of all Brazil’s purchases are on digital platforms
From department stores to small street vendors, almost everyone in China has a QR code so that people can read it on their smartphones to pay for something using the dominant digital payments platforms and apps.
The two main payment platforms in the country are AliPay and WeChatPay. It is estimated that 89% of Chinese use at least one of these services. Also, the Chinese use digital wallets 9 times more than the rest of the world.
On the other hand, in Brazil, only 3% of payments come from digital wallets funds, against 36% in China. Nevertheless, since there are more smartphones than people in Latin America’s largest country, Brazil still is a promising market for this segment.
Inova China is a hub solely dedicated to building bridges of innovation between China and Brazil. We offer the tools and insights for a successful strategy.
Get custom studies! To learn more, please contact us!
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