Less than a week from Thanksgiving! Hope you are staying home safe and sound.
Most people in China pay using their mobile phones to scan QR codes — a type of barcode system. They do so via the two most popular mobile payment platforms: Tencent’s WeChat Pay and Alibaba’s payments arm Alipay. In China, payment methods using QR codes have replaced cash and cards in just five years.
If a business can get a printout of a QR code, it can get paid by app. They don’t need special machines like businesses do to accept credit cards or many mobile payments like Apple Pay, which are essentially digital wallets of bank cards, while Alipay and WeChat are more pure digital payments.
Many predicted that 2020 would be the year that such payments would finally see broad U.S. adoption. In May, PayPal announced hat QR code payments would be available through its app in 28 markets, making it much easier for 25 million PayPal merchants to accept QR payments without additional hardware costs.
In September, UberEats launched contactless ordering and QR code payments to eliminate the need for paper bills and signatures. While more merchants are adapting their infrastructure to enable QR payments, it’s still far from widespread.
To compare the difference between US vs China fintech industry, my partner Chris and I had a fun conversation with Wharton Fintech club. Check out our full interview >
Here are the top mobile news this week >
- Apple - M1 Chip
- Apple - App Store Fee drops to 15% for some
- Apple - Online tracking tool ban in Europe
- Google - RCS rollout
- Nvidia - Bringing Fortnite back to iOS
- Twitter - Disappearing posts launch
- TSMS - New Phoenix plant