China leads the way in mobile payments

Index.html" target="_blank">In Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina, more so than Index.html" target="_blank">In any other country, consumers are leavIndex.html" target="_blank">Ing their wallets and credit cards at home. A survey by global market research specialists Ipsos has revealed that Index.html" target="_blank">In 2017, more than seven out of every 10 people Index.html" target="_blank">In Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina made use of a virtual wallet. This compares to only about five out of 10 Index.html" target="_blank">In the U.S. and three out of 10 Index.html" target="_blank">In Japan.

Whether it's shoppIndex.html" target="_blank">Ing, buyIndex.html" target="_blank">Ing a meal Index.html" target="_blank">In a restaurant, callIndex.html" target="_blank">Ing a taxi, purchasIndex.html" target="_blank">Ing cIndex.html" target="_blank">Inema tickets or payIndex.html" target="_blank">Ing utility bills, almost every aspect of life can be managed via a virtual wallet on a mobile phone. Index.html" target="_blank">In 90 percent of cases, this service is provided by either Wechat Wallet or Alipay, the two most commonly used mobile payment means Index.html" target="_blank">In Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina.

With everyone jumpIndex.html" target="_blank">Ing on the mobile payment bandwagon, figures are truly astronomic. By the end of the third quarter of 2018, Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina's third-party mobile payment market was already worth around 120 trillion yuan (18 trillion U.S. dollars). It's all but certaIndex.html" target="_blank">In that the total for the whole year will be Index.html" target="_blank">In excess of 150 trillion yuan. Cashless payment is clearly takIndex.html" target="_blank">Ing over.

“It's easy to understand,” explaIndex.html" target="_blank">Ins Professor Liu ZhiqIndex.html" target="_blank">In from leadIndex.html" target="_blank">Ing fIndex.html" target="_blank">Inancial thIndex.html" target="_blank">Ink tank, Chongyang Index.html" target="_blank">Institute for FIndex.html" target="_blank">Inancial Studies at RenmIndex.html" target="_blank">In University of Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina. “Index.html" target="_blank">Index.html" target="_blank">ChIndex.html" target="_blank">Ina has a huge population, they just prefer to have easier access with new technology. And secondly, mobile payment will be seen as a fashionable activity Index.html" target="_blank">In a modern society, which people are eager to take.”

Yet, as with any new onlIndex.html" target="_blank">Ine technology, questions have been raised about security. Reports have emerged of various scams Index.html" target="_blank">InvolvIndex.html" target="_blank">Ing mobile payment. Index.html" target="_blank">In one case, the QR code on a shared bike was replaced, and the money is thus re-directed Index.html" target="_blank">Into a swIndex.html" target="_blank">Indler's account. And transfers can sometimes go to the wrong recipient by mistake.

This is one reason why Alipay, Index.html" target="_blank">In August 2018, updated its system to enable a transfer delay – a function rival WeChat had already Index.html" target="_blank">Introduced. Transfers can be frozen mid-transaction if the suspicions of either the sender or the mobile payment company are aroused. The money is returned to the sender if an Index.html" target="_blank">Investigation reveals unlawful activity.

“We've taken account security as a top priority,” said Fanny Wu, spokesperson for Ant FIndex.html" target="_blank">Inancial, formerly known as Alipay. “We have developed a series of technologies to ensure account security, for example AI. So, powered by technology, we have a very low fraud rate, which is five Index.html" target="_blank">In ten million, which is much lower than the average level of the other leadIndex.html" target="_blank">Ing fIndex.html" target="_blank">Inancial or payment Index.html" target="_blank">Institutions.”

However, Professor Liu is skeptical. “They have some security problems,” he said. “Your personal data is always released or discovered Index.html" target="_blank">In the transaction because, by each payment, you have to give your number, even give your ID number on the ID photo. You don't know Index.html" target="_blank">In which poIndex.html" target="_blank">Int this data will be leaked and then be misused by some people there. Personal data must be well secured, and not for misuse.”