Charmaine Oak, Director, Digital Money Practice Lead, Shift Thought
China, one of the largest and fastest growing payments markets in the world, is undergoing rapid transformation. Renowned as a particularly difficult market to enter, recent developments make it a hard to ignore opportunity....
The addition of 250 new third party non-bank providers is causing rapid changes in the way people pay. The large providers of online payments and digital wallets are now going offline and entering into the domestic retail payments with innovative mobile payments services.
Meanwhile mobile payment standards are being finalised, and this should address the current problems of highly fragmented markets. There has also been a rapid spread of high speed mobile networks, and cheap smartphone handset to utilise the services.
Previously payment providers grew rapidly in the absence of regulation, reaching a point where they presented a threat to a number of incumbent players. New regulations have forced them now to obtain licences. Already many tranches of licences have been granted; the latest ones even include foreign companies.
So how do you take advantage of this opportune time?
Having attempted to enter this market on behalf of large mobile operator groups, global banks and money transfer operators, we at Shift Thought recognised the need for a navigational tool to steer entrants in their ambitions relating to entry into the China Payments market.
This webinar explores the Chinese payments ecosystem and digital money initiatives. It offers some of the analysis and learning from the recently completed analysis by Shift Thought, published in their latest report “Digital Money in China 2013”. Valuable insight and robust intelligence into a complex and previously perilous market to enter to help you identify, develop or refine your strategy.