The mobile payments market in China is expanding so rapidly that global leaders are drawing upexclusive strategies to meet the growing local demand.
According to Paul Jung, head of products and digital solutions of Visa Northeast Asia, China isnow leading the way in mobile wallets.
So, during the three-day 2016 Mobile World Congress that ended on July 1 in Shanghai, VisaInc, the global card payment services provider, announced its mobile payment services willcombine internet of things and biometrics.
Visa is also using near-field-communication or NFC solutions on wearables such as rings, smart watches and wristbands. It has introduced a biometrics payment technology based on the reading of palm print and fingerprint.
Besides, in March last year, it launched Visa Checkout, a service with six commercial banks in the country. The service removes the need for sharing card details with retailers.
It was introduced in China in response to the rapidly expanding cross-border e-commerce. So far, 10 banks, including China Merchants Bank, Shanghai Pudong Development Bank and China Everbright Bank, have rolled out this service.
Meanwhile, Visa's ip access control contactless hid access control system payment technology payWave is gaining wider acceptance among Chinese cardholders ever since it was rolled out in the country two years ago.
So far, the service has been the most prevalent one in the logical access control Pearl River Delta region. For, Guangzhou province is one of the most popular inbound tourism markets in China, receiving a large number of tourists from neighboring Hong Kong.
More than 5,000 payment terminals in the region are now connected to the payWave service.
According to global market consulting firm eMarketer, China will have more than 195.3 million users of mobile payment solutions by the end of this year.