The Best Mobile Payment Services Of 2021 For China
In these technologically fast-evolving times, where everything is turning digital, how can the payment platforms be left behind Especially in China, where development is moving at the fastest rate, every individual needs to match the pace, or they would be lagging. In China, mobile payment services are at an all-time high. In simple words, the techno-finance companies are booming with great enthusiasm and support. According to the records of financial reports, it has been observed that there are almost 9 million people in China who are making use of mobile payment services to carry out their day-to-day financial transactions.
As per the experts, China is considered light years ahead of all the other countries when it comes to acknowledging the need and encouraging the growth of mobile payment services. It is expected that by the end of the year 2021, almost 80 to 90 percent of the Chinese population would be conducting transactions through mobile payment gateways. So which are some of the most important and best mobile payment services available in China?
If you are not aware of it, then do not worry. We have done the roundup and brought to you the best mobile payment services that are used by Chinese citizens.
#1 Mobile Payment Services In China — Alipay:
As you can guess from the name, Alipay is an affiliate of Alibaba, the largest e-commerce business in China, and manages Ant Financial Services. Alipay was the very first mobile payment service that was launched in China back in the year 2004. It helped in the revolution of the way the transactions were handled. In the initial stage, Alipay worked as an escrow service to provide easy and convenient transactions for regular traders, buyers, and sellers. But then it kept evolving and now it is used by almost 1 billion of the population across the globe.
#2 Mobile Payment Services In China — WeChat Pay:
WeChat pay was launched by Tencent almost after a decade after Alipay entered the market. But even then, it managed to capture the trust of the users by exhibiting reliability and ease of use. The payment is executed through the widely used social media application known as WeChat. In the present times, WeChat mobile payment services are having more than 90 million active users. WeChat mobile payment services offer an extensive range of features and functionalities to the users, and thus it is always in demand.
#3 Union Pay — Mobile Payment Services OF China:
Union Pay Of China is considered as one of the largest payment services that provide card payment or online payment services to their users. It is China’s domestic bank organization, which has gained worldwide recognition due to its reliable online payment services. The network of the bank is extremely strong as it has linked almost 14 different banks to enhance the user experience while conducting online payment. With the help of China Union Pay, there is no need for the international traders or merchants to always be physically present in China to carry out their transactions.
#4 One of The Most Famous Mobile Payment Services — Paypal:
Paypal entered the Chinese market in the year 2005. It was specifically designed to provide convenient online payment services not just to Chinese traders, merchants, and entrepreneurs but also to the normal Chinese people. In the initial days, Paypal faced a lot of difficulties when it was trying to establishing itself as a successful payment service in China. But later in the year 2017, Paypal collaborated with Baidu wallet, and now a large number of Chinese businesses are making use of Paypal to conduct large financial transactions.
Summary:
The mobile payment services in China are extremely safe and reliable. There are no records of fraudulent activities or scams that may hamper the reputation of these well-recognized online mobile payment services. These services are useful not just for the traders, businesses, and merchants but also for the elderly or senior citizens of the country. They are not technically sound and generally have a weak online security awareness. The best aspect of these mobile payment services in China is that they have a sophisticated password and authentication features in-built so the users can protect their data and money easily.