China’s post-cash travellers are driving the rest of the world forward

Since the dawn of Chinese outbound leisure travel, a key issue for residents travelling internationally has been the topic of appropriate payment methods that fall in line with the country’s foreign exchange controls.

In the past, travellers would be grateful to see signs for showing that Chinese UnionPay cards were accepted, limiting their reliance upon carry large amounts of foreign currency and become a popular target for pickpockets overseas.

However, in recent years, China has undergone somewhat of a payment revolution and has seen smartphone-based mobile payment become a way of daily life to an extent that is as yet unseen almost anywhere else the world. This trend is being led by Ant Financial’s Alipay and Tencent’s WeChat Pay platform, which is built into the virtually ubiquitous WeChat app[…]

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Image: Phone by Selwyn van Haaren Source: Unsplash license