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

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

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 asked which mobile payment solutions they expect to use more of next year, over half of the respondents said Alipay and WeChat Pay, while a little over 10 percent opted for cash and credit cards, the two payment options that are currently being used most heavily by Chinese consumers when traveling overseas.
Image courtesy of Kapronasia.
It?s difficult to meet consumers? expectations for accessible mobile payment options given the current low penetration rate of Alipay and WeChat Pay in the global retail networks. The findings suggest that in 2016, half of the surveyed consumers said that they used mobile payments for about three percent to 30 percent of overseas transactions. Roughly 20 percent of them have never used mobile payment overseas.
In the luxury domain, the adoption rate is even smaller. Luxury department stores Harrods, Selfridges and Galeries Lafayette, which all began offering Alipay early last year, are among the first few merchants to do so. Many luxury brands have started their experimentation within mainland China but have not yet applied the methods outside of Asia.
Plenty of room for growth
The wide gap between the huge demand by Chinese consumers for mobile payment services and the insufficient supply by international merchants indicates there is plenty of room for growth. The report also noted that applying mobile payment is beneficial for merchants? businesses.
?What we have found from the survey is that Chinese customers tend to close the sale more quickl...


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Source of news: thetoptier
Source of publication: 09-07-2017 21:51
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