Asian Mobile Pays Market 2020: The Influence of Mobile Apps WeChat Pay and Alipay Extends Far Beyond China's Borders

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Sep 21, 2020, 06:16 ET

DUBLIN, Sept. 21, 2020 /PRNewswire/ -- The "Asian Mobile Pays Continue High Growth, But U.S. Market Expansion Stalls" report has been added to ResearchAndMarkets.com's offering.

Highlights of the report include:

A review of Alipay and WeChat Pays recent growth and forecast
How the parent companies of these apps are influencing a number of payment and payment related innovations through investments in fintechs and partnerships
The education that US merchants have received by accepting Chinese mobile app payments, revealing that there are simpler and cheaper ways for them to accept shopper payments
Examples of how the Asia mobile apps are impacting current new payment pilot programs underway

Mega payment apps Alipay and WeChat pay have been gaining traction in the U.S. market through availability at thousands of merchants. COVID-19 plus trade tensions and politics have put an abrupt end to the stream of travelers from China to the U.S. who would use these acceptance locations with their homegrown mobile apps while on vacations, business trips and traveling to the states for academic reasons.

These mobile payment services are available only to Chinese nationals and are not a direct challenge to U.S. card networks and issuers, but the similar use of QR code based mobile payments, integrated within a retail app, is beginning to emerge through pilot programs, giving a glimpse of what may come.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Asia Pays' U.S. Market Plans Get Crushed By COVID-19 Induced Retail Shutdown

4. Alipay and WeChat Pay Continue Unwavering Growth in China

Mobile Platforms' Embedded Apps Drive Transaction Volume
Low QR Code Entry Barriers Encourage App Usage among Buyers and Sellers
Alibaba and Tencent Fund Future Growth Paths

5. Could These Apps Supplant Card Payments in the West?

Mobile Adoption Slow, but Increasing As Payment Method for U.S. Consumers
Chinese Mobile Apps Influenced Attractive Payment Features for U.S. Merchants
Asia Pays' QR Code System Begins To Take Hold In The U.S.

6. Conclusions

7. References

Companies Mentioned

Alibaba
Ant Group
Apple
China Union Pay
CVS
Facebook
Incomm
Kroger
Mastercard
PayPal
Rite Aid
Target
Tencent
Venmo
Visa
Walmart

For more information about this report visit https://www.researchandmarkets.com/r/285gl0

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Research and Markets
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SOURCE Research and Markets