Chinese payment method 01
Businesses always want to explore more opportunities for better business and more sales. However, with more gain there are usually more risks involved. When talking to the business about expanding its potentials and make more gains from it, I have always encouraged businesses to set up the Chinese mobile payment services since it is nothing to lose for the business to be prepared.
Chinese payment methods including WeChat Pay and Alipay can definitely help businesses to get more sales and provides a better service for their customers.
According to Visit Britain, comparatively few Chinese own an international credit card and are used to paying by Union Pay, (a debit card used extensively in China) or by cash. However in recent years, Union Pay has been surpassed by the mobile payments, WeChat Pay and Alipay.
During the discussion with businesses, I am always quite surprised no business here knows about this everyday mobile payment. Since actually the daily transaction outside of China of WeChat Pay and Alipay is quite a lot.
Alipay and WeChat cross-border’s daily transaction amount is between £56 to 68 million (500-600 million RMB).
Some of the reasons that setting up the mobile payments will help the business:
1) It is a commonly every day payment method in China, having the payment method provides better service and gives reassurance to the customers.
2) Some of the students experienced problems when using their signature credit cards here in the UK, having Chinese payments set up will eliminate the problem.
3) Some of the students have their mobile payment linked to their parents' bank accounts, and trust me I used to be a student here in the UK before, it will encourage spending.
4) Local businesses will also benefit from the payment method as in lots of the university cities in the UK, there has been a rise in Chinese students and they on average have higher spending power.
About the benefits of setting up, please read my next blog post!
- to be continued -