ã€Global Economics and Technology Report】 "Nihon Keizai Shimbun" reported on March 22th that in the "Silicon Valley" of Shenzhen, Guangdong Province, where the electronics industry has gathered, because it feels a little hungry and wants to buy a meat bun to fill in its belly, it is on the road. The front row was lined up. After a closer look, they discovered that all the people around were using mobile phones to sweep their bills. No one had money in his hand.
In China, the use of smart phones for electronic settlement has become very popular. According to data from the Chinese investigation company, Analysys think-tank, China’s mobile settlement amount reached about 9 trillion yuan in July-September 2016, soaring to 2 times the same period in 2015.
The two major e-payment service platforms, Alibaba Group’s “Alipay†and Tencent’s “WeChat Payment,†are pushing the market to expand. Alibaba focuses on expanding the Southeast Asian market and cooperates with the largest financial group in Thailand, the Zhengda Group (CP). Japan's retail industry has also begun to provide services for tourists visiting Japan.
However, will the days of consumers from other Asian countries use these electronic settlement services originating in China?
According to Douglas Warner, a professor of finance and law and a professor at the University of Hong Kong, China’s Internet giants need to expand overseas markets, and the inconsistency or oversight of national regulatory systems is the biggest obstacle. From the security of fund settlement to the processing of big data, in Asia where there is no unified authority, it is necessary to comply with different regulatory systems in different countries and regions.
In addition, there is a possibility that Chinese applications have been reviewed by the Chinese government. It cannot be denied that consumers in other countries feel a great deal of resistance. James Lloyd, head of finance and technology at Asia Pacific in Ernst & Young, believes that “(electronic settlement in China) is largely due to low consumer expectations for personal data protection. Not easy."
In Hong Kong adjacent to Shenzhen, the popularization of Alipay and WeChat Payments is facing difficulties. This is because the local traffic IC card "Octopus" has already taken the lead. For financial science and technology advancement, the existing culture and business habits that are rooted everywhere are also a challenge.
Asia's fintech is going to be a "islanding" of countries to achieve their own evolution. Or will there be "a change of game rules" that subverts common sense? Competition across borders has just begun.
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