Interconnected Payments Poised for Further Growth in China: Industry Expert
BEIJING,Sept. 12, 2024 – The trend ofinterconnected payments in China is expected to continue deepening, bringing about more growth opportunities and innovation potential for the industry, according to Liu Xingliang, director of the DCCI Internet ResearchInstitute.
In a recent interview, Liu highlighted the positive impact of interconnected payments, stating that the trend will drive further development and create a more open and collaborative ecosystem. He emphasized that the interconnected nature of payments will lead to greater efficiency, convenience, and inclusivity within the Chinese financial landscape.
The interconnected payments system is a testament to the collaborative efforts of industry giants who are working together to dismantlebarriers and build an open ecosystem, Liu said. This trend is driven by both policy support and market demand, creating a win-win situation for all stakeholders.
The interconnected payments system, which allows users to seamlessly transfer funds between differentpayment platforms, has already gained significant traction in China. Major players like Alipay and WeChat Pay have been actively integrating their systems, facilitating cross-platform transactions and fostering a more interconnected financial environment.
Liu pointed out that the interconnected payments system is not only beneficial for consumers but also for businesses. It allows merchants to accept payments froma wider range of customers, increasing their reach and potential revenue. Additionally, it simplifies the payment process for businesses, reducing transaction costs and improving efficiency.
The interconnected payments system is a powerful tool for driving economic growth and innovation, Liu said. It promotes financial inclusion by providing access to financial services for a widerpopulation, including those in remote areas and those who may not have traditional bank accounts.
The interconnected payments system has also been instrumental in supporting the development of new technologies and services, such as digital wallets, mobile payments, and online banking. These advancements have revolutionized the way people manage their finances, making it easier andmore convenient to access financial services.
Liu believes that the interconnected payments system will continue to evolve, with new features and functionalities being introduced to enhance user experience and drive further innovation. He anticipates that the system will play a crucial role in supporting the development of a digital economy in China, fostering greater financial inclusion and empowering consumersand businesses alike.
The interconnected payments system is a powerful engine for growth and innovation in China, Liu concluded. It is a testament to the country’s commitment to building a more inclusive and interconnected financial system, and it will continue to play a vital role in shaping the future of finance in China.
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