The good news is that, given the fierce competition between WeChat Pay (Tencent) and Alipay (Ant Financial Alibaba Group ), Chinese mobile payment providers are now doing their best to rapidly expand overseas by implementing a wide range of local partnerships. Which hardware to support Chinese mobile payments global expansion ? Indeed, updating the points of sale terminal (POS) to accept UnionPay and slapping a UnionPay sticker on the front door was all that was needed to reach the forefront of Chinese payment implementation. Until recently, accepting payments through the Chinese government-backed UnionPay interbank network used to be the gold standard for payments made by Chinese tourists. However, what was once a strictly domestic affair has expanded abroad, with China’s mobile payment providers now battling for Chinese tourists’ mobile payments on the global stage.įor overseas destinations, hotels, retailers, restaurants, and tourist attractions, this makes the Chinese payment landscape a lot more complicated than it used to be. The mobile payment space has become fiercely competitive, with both market leader Alibaba and messaging giant WeChat scrambling for valuable market share. While mobile payments have been off to a slow start in most of the Western world-even the rollout of EMV chip payments in the United States is far behind schedule-China has become the melting pot for mobile payment solutions.
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