China Internet Development Foundation and ANT Group have jointly launched “Internet in China” public service advertising series on the topic of mobile payment called “A Symphony of Life”, where it looked back at the changes and promotion of innovation of mobile payment technologies in Chinese society over the past 10 years.
Thanks to a solid infrastructure and a sound political environment, as well as a tolerance for scientific and technological innovations, China’s mobile payment has achieved the widest coverage in the last decade since the widespread use of QR code payments in 2012: the popularity rate of mobile payment is 86%, ranking the first in the world; the service fee rate is no more than 0.6%, which is much lower than the international average. A large number of small and micro-retailers enjoy free services, which have become one of the highlights of China’s digitalization progress.
Mobile payment has also become a new name card for China’s economic development. Alipay and WeChat Pay are becoming more and more widely used, so that Chinese can also pay abroad by a “simple scanning”. In addition, through technology exchange and localization transformation, Chinese companies are helping many countries around the world to create “local wallets” that provide local people with convenient, efficient and secure new payment methods.
China Internet Development Foundation uses the 30th anniversary of the internet access in China as an opportunity and focuses on China’s Internet development history, plans to launch a communication program for public service “Internet in China” and is actively exploring to properly tell a story of Chinese internet development and spread the Chinese experience of internet development.