Online and mobile payment systems are growing in China, one of the world’s fastest-growing economies. People in the world’s most populous country are finding it increasingly easy to pay their bills and otherwise participate in e-commerce transactions.
A recently announced major study found that in 2004, a full 43.5 percent of the online shopping in China included online and mobile payment.
And it’s not just banks performing the electronic wizardry here. A full measure of private companies are taking care of these e-commerce transactions as well.
The business model divides the online payment process into four stages: prepayment, agency payment, online bank payment, and online platform payment.
Similarly, the four types of mobile payment business mode are mobile paying service, mobile wallet service, mobile banking service, and mobile credit platform.
This is not the norm across the country, however. Proponents would like it to be and are operating on the assumption that it will be in years to come. The technologies are there, and the desire to implement them is there. Perhaps what is needed is demand, which has yet to mushroom.