Global Payment |A Review For The World Mobile Payment Developmen

With the rapid development of technology, mobile payment has well-known around the world and made the concept of global payment gradually enter people’s mind and even integrate their daily life. The United Nations (UN) even set up Task Force on Digital Financing of the Sustainable Development Goals which aims to harness the power of digital financing for the good of the planet and its citizens. Then, what is the current mobile payment situation of various countries?

                           
America

America is a highly credit card relied country where Americans only pay little attention on mobile payment. The solid credit card and cheque system limit mobile payment further development. However, The House Financial Services Committee (HFSC) announced that its newly created Task Force on Financial Technology will convene to consider a topic entitled “Is Cash Still King? Reviewing the Rise of Mobile Payments” at the hearing held on 31st Jan. This hearing will review the modern trend of digital payments and what that means moving forward for both cash and the financial services industry more broadly.

                                 
Japan

QR code technology is created by Japan, but cash is still the king in Japan, particular the elderly who are still deeply reluctant to give it up. Although Japan government promised to offer up to 5% rebates for cashless retailers wants in order to achieve cashless goal to 40% by 2025 and to 80% eventually spur labor productivity, a huge of the nation's elderly are resisting change which would make it hard to adopt mobile payments and electronic money.

   
Europe

A new study shows that 54 percent of European consumers regularly use their mobile device to make payments. The top ten countries in Europe where mobile payments use widely can be divided into two categories. One is the developing markets, including Turkey and Romania where tend to leapfrog traditional payment methods to adopt new technologies faster. Another is the developed markets, particularly in the Nordics where new technologies evolve at differing paces.

Earlier, Alipay announced that it will help 10 million European merchants reach over 2 billion potential consumers around the world in five years with innovative technology which would certainly make mobile payment become more popular in Europe. 

China

With the maturity of products such as Alipay and WeChat payment, China mobile payment takes a leading position in the world. Mobile payment has become the main purchase method by Chinese netizens. Shanghai, Hangzhou and Beijing are the top three cities for robust development of mobile payment in China, according to a report released on the second Digital China Summit.

The report also showed that China's digital economy reached 31.3 trillion yuan in 2018, accounting for 34.8 percent of its GDP and the monthly mobile payment accounted for 43.6% of the total expenditure. Cashless society is expected to be realized in China. 


The implementation of mobile payment could not separate from payment terminal. The development of mobile payment also impetus terminal provider to create more innovate and practical products.

This year, Telpo, a leading payment terminal and solution provider cooperated with Alipay, Burger King, Damai to create face payment terminal, order kiosk and ticket vending machine in various scenes, providing unique consumption experience to people and upgrade mobile payment to a new stage. 

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