Embracing UnionPay is just the starting point
by Welcome Chinese
China Market Standard
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Currently, the Chinese government-backed UnionPay interbank network is the “gold standard” for payments made by Chinese tourists. Overseas destinations, retailers, hotels, restaurants and tourist attractions should start accepting payment through the UnionPay interbank network, update their point-of-sale terminals and stick a UnionPay decal on the front door. In the future, you can rest assured that the Chinese embrace of “cashless tourism” will only increase.
Among the areas where China leads the way, there’s no doubt that mobile payments have gotten off to a thriving start and the country has become the laboratory for new solutions, with giants like WeChat and Alibaba competing for valuable market share. Nowadays, the battle rages on to conquer the hearts of Chinese overseas travelers, providing them with mobile payment platforms on the global stage.
The transaction volume of Chinese mobile payments is projected to reach 22 trillion yuan ($3.20 trillion) in 2017. The daily usage of these systems in China for nearly every kind of purchase has permeated all aspects of life, testifying to the degree that mobile payments have become a cultural thing. Expectations are that such payments will sooner or later be possible overseas, as a key service to obtaining the favor of Chinese consumers. Thus, keep your eyes on the next marketing activities by Alibaba and WeChat (Tencent), aimed at launching some form of online payment outside China.