Mobile Payment Expands its Reach beyond China
2018-11-02 14:45 Friday
Mobile payment has revolutionized retail in recent years, providing unprecedented convenience for consumers. As the world's leading mobile payment market, China has become a cashless society,evidenced by ubiquitous QR codes available at most merchants. By using mobile payment, consumers no longer have to assume security risks associated with cash or be limited cash on their person. Inspired by its runaway success in China, other countries, as well as individual merchants, have begun promoting mobile payment models of their own.
Singapore's government launched a recent initiative, Singapore Quick Response Code to make mobile payments more instant and secure.
Platforms such as PayNow, NETS, GrabPay, Liquid Pay and Singtel Dash, many the largest payment providers in Singapore, will adopt the code, which will be aggressively implemented over the next six months. Consumers will be able to quickly choose from their preferred provider at the time of payment, while merchants only need to display a single QR Code to accept payments, regardless of the mobile wallet provider. According to the Singapore government, the latest QR code technologies will benefit consumers and merchants alike.
Retailing giant Walmart also plans roll out its own mobile payment system, Walmart Pay, on October 29th.
Walmart Pay will allow consumers to compare prices at rival stores and offers cash back if there is a lower price elsewhere.
Apple Pay and Google Pay are now available at 7-Eleven convenience stores across the United States.
"Cashless payment experiences are the future, and digital payments are key to such experiences, and consumers prefer shopping at retailers that offer digital payment capabilities," said Gurmeet Singh, CDO and CIO of 7-Eleven.7-Eleven is also promoting its new 7-Eleven NOW proprietary smartphone app across the globe.
Global investment in mobile money services is expected to grow at an annual rate of 22.2% over the next two years. Asia and Africa are expected to experience significant growth in the mobile payment sector, with the arrival of new technologies and improved interoperability capabilities.
The use of mobile payments in developing countries has attracted public and private funding from organizations such as the Bill & Melinda Gates Foundation, United States Agency for International Development and Mercy Corps.
The European Payments Council (EPC) states that "new technology solutions provide a direct improvement to the operations efficiency, ultimately resulting in cost savings and in an increase in business volume".