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QR-code payments have the potential to replace any other form of mobile payment according to new research.
More than 1000 Chinese consumers and 60 decision-makers from global merchant companies were surveyed by mobile payments specialist Cancan and financial research company Kapronasia for the first global study covering the impact of Asian mobile POS payments worldwide.
“Alipay and WeChat Pay, both based on QR code technology, are already dwarfing their Western counterparts tenfold with 750 million active users between them,” says Cancan MD Candice Koo.
She says global merchants need to meet shoppers’ expectations regarding mobile payments. “Today that consumer is predominantly Chinese, but in year we could also be looking at Indians, Indonesians, Japanese and Koreans, who are already all following the Chinese trajectory.”
“The rapid adoption of mobile payments by Chinese consumers domestically is well known, but not as much how they are using them abroad,” says Kapronasia director Zennon Kapron.
The 2017 Mobile Payment Survey: Chinese Consumers Abroad investigates how mobile payments methods such as Alipay and WeChat Pay are shaping Chinese consumer expectations toward shopping outside of China. It also investigates global merchant preparation for this phenomenon.
Key findings include:
The report says customer demand is driving merchant adoption of mobile payments, while merchants are attracted by the speed of mobile-payment transactions.