If you’re a smartphone company – even a big, successful one – looking to get into the Chinese market with your own mobile payments system, here’s a piece of advice: don’t.
Who asked for these? Not ordinary people. Chinese phone owners themselves overwhelmingly use Alipay and WeChat Wallet, created by web giants Alibaba and Tencent, respectively. And for good reason. It’s more than brand loyalty or even convenience – they are genuinely better products than their competitors, with more advanced features and better incentives to keep coming back.