Nine passes left to attend the Digiday Publishing Summit
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.”
More in Marketing
‘Consumers are dying to get out of their houses’: How Cinemark’s CMO is getting people back to the movies
A look at how consumer demand looks in the movie industry and what other retailers can learn from Cinemark’s loyalty and membership programs.
Platform and agency execs recommended must-reads to unwind during busy periods
Senior execs from the likes of TikTok, Snap, OMD USA, Publicis London and more let us in on their favorite page-turners to unwind.
In Graphic Detail: AI adoption increases, but U.S. consumers are still wary
Digiday has charted the rise of generative AI, big tech’s investment into AI as well as agencies’ top use cases and consumer sentiment.