China may be ahead in the mobile payment game, but these countries are starting to catch up.
The News Lens
Date: 2018/02/17
By: Edwin Yapp
While some New Year traditions have evolved over the years, one constant remains
20150218 red envelopePhoto Credit:george ruiz @Flickr CC BY 2.0
WeChat pioneered the technique of driving mobile payments through digital cash giveaways at Chinese New Year.
timeless – the age-old practice of giving and receiving of hongbaos (red packets).
The mechanism for doing so is evolving as innovative companies follow the success of WeChat in China by pushing the idea of giving hongbaos digitally instead of stuffing physical red packets full of cash. Expect tech startups across the region to promote these types of rewards as they attempt to push boundaries in cashless payments and mobile wallets.
The ultimate goal isn’t to give away money, but to displace cash altogether by giving consumers an easier way to make financial transactions on a daily basis.
They also offer more value-added services, including ties to loyalty cards, transferring and receiving money between users and bank accounts, and splitting bills, to name just a few. [FULL STORY]
