The rapid proliferation of optimized mobile payments in China is making the country an increasingly convenient travel location for foreigners. China’s mobile payment segment has developed extremely rapidly over the past several years, and the East Asian nation is now a global leader in the relatively young space.
Mobile payment systems are services that allow customers to pay for goods and services through portable electronic devices, including mobile cell phones or tablets, allowing them to make payments or send money to loved ones quickly and conveniently. While these systems have existed for more than a decade, their popularity surged during the coronavirus pandemic because they allowed for contactless transactions between businesses and consumers.
Although we are now several years past the worst of the pandemic, the public is still enamored with mobile payment systems due to the convenience they offer. Unsurprisingly, China was quick to adopt mobile payment services and has optimized them to such a degree that the country stands out from the rest of the players in the cashless payment field.
Now that China has expanded the number of nations whose residents can visit the country without a visa, more and more visitors are streaming into the East Asian economic giant. This has resulted in a greater number of foreign nationals who need to make payments in the country and would prefer convenient, easy-to-use payment systems.
Consequently, the country has spent the past several years optimizing its mobile payment systems to help visitors to the country make payments quickly and with little hassle. These efforts have led to the development of a diversified and multilevel payment service system that outclasses similar systems in many other nations and increases visitor expectations.
With these payment systems in place, many foreign nationals believe that it will be easier and more convenient for them to travel, study and work in China. British vlogger Stuart Wiggin has spent the past 16 years working and living in Beijing and has become quite accustomed to local mobile payment services.
According to Wiggin, China’s mobile payment segment’s rapid development has been an incredible convenience to both citizens and visitors because it is compatible with many platforms and applications. Mahmoud, another foreign national from Sudan who has lived and worked in China for seven years, says he was happy to find that WeChat and Alibaba allowed him to bind overseas banking cards, making it incredibly convenient for foreigners to consume and make payments in China.
The emergence of various mobile payment solutions providers such as FingerMotion Inc. (NASDAQ: FNGR) is undoubtedly helping to drive innovation within the space, and consumers are reaping the benefits of those innovations.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
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