5 charts on how mobile payments are growing in China

Social payments in China now reach almost $3 trillion, according to a United Nations report released Wednesday.

China has been a world leader in mobile and social payments while the U.S. and Europe have been slow to adopt them. Payments on messaging and e-commerce platforms like WeChat and Alibaba are set to increase China’s GDP by $236 billion by 2025.

Now, the United Nations’ Better Than Cash Alliance is hoping other countries can emulate China’s models as much as possible, if only to unlock economic opportunities for people and small businesses the way China has.

“While China is a very specific country study, it does give us insight into some changes in behavior starting to happen across the global consumer segment, specifically regarding how people make payments,” said Camilo Tellez, head of research for Better Than Cash Alliance. “This ecosystem that has grown in China in an insular way has shown how we can take advantage of these social platforms and really use them to reach economics of scale.”

Read the full story on tearsheet.co

https://digiday.com/?p=233070

More in Marketing

Brandtech’s Pencil unit makes use of Google’s Veo 2 tech to craft AI content in hours, not weeks

Brandtech Group’s Pencil unit is collaborating with Google to integrate the latter’s AI-based video generation model, Veo 2, into the content it’s creating for clients.

Mythbuster: Top 10 platform creator fund fallacies debunked

While creator funds appear shiny and new again, Digiday busts the most persistent myths about them, and sheds light on the truth behind those payouts.

IPG’s latest appointment confirms AI chiefs are the latest holdco must-have

The holdco has appointed a global head of AI commerce as it looks to stay competitive. But the position is popping up elsewhere across other holdcos too.