Chinese Mobile Payments
In Australia and New Zealand when we think about how to pay we tend to reach for our credit or debit cards, but in China they reach for their mobile phones.
AliPay and WeChat Pay are the Chinese equivalent of Visa and Master Card here in New Zealand. The difference being that AliPay and WeChat Pay do not use physical plastic cards to conduct a payment transaction they are digital wallets which that used on a mobile phone.
AliPay introduced the first mobile wallet years before Apple who introduced Apple Pay in September 2014. China has developed some of the most advanced mobile phone payment systems in the world and these are fast replacing the use of cash in China, as well as eliminating the need for plastic cards. In China, over 80% of all payments are mobile based, 90% of these are processed through AliPay and WeChat Pay.
More recently the leading Chinese Mobile Payment Platforms have facilitated international transactions, allowing retailers and merchants in Australia and New Zealand to accept payments using these platforms.
ePayments is proud to be the only New Zealand company authorised to
offer the four of the leading payment platforms in China.
- Basic Plan
- $ 100 monthly
Platform Users (millions) Online / In-store Ownership AliPay 520 Both Owned by Alibaba Group Best Pay 300 Both Owned by China Telecom JD Pay 120 Both Owned by JD.COM WeChat Pay 950 Both Owned by Tencent
Why Accept Chinese Mobile Payments
Chinese tourists are ranked second in the number of tourist that visit New Zealand and this is currently growing at an average of 12% year on year. Currently each of these Chinses tourist spend on average around $4,100 while on their stay in New Zealand. With the New Zealand government wanting to grow the Chinese tourist market these tourist arrival numbers and the per tourist spend will keep trending up.
The aim of any business in accepting Chinese Mobile Payments should be to increase revenue from Chinese consumers and experience shows that this is normally the case for some or all the following reasons:
• Familiarity with the payment system, making it easier for Chinese customers to transact instore.
• The platforms offer a very competitive exchange rate for international transactions, making use of AliPay and WeChat Pay (and others) very attractive relative to paying in cash or credit cards.
• Merchants offering these payment platforms, benefit from the association with highly trusted and well-known brands in China.
• Each platform offers marketing and promotional support, to increase customer awareness.
• For online transactions most Chinese do not have credit cards so cannot transact with international retailers not offering Chinese Payment Options.