WeChat

Businesses are already entering partnerships with some of the biggest players in the Chinese payments market, such as AliPay, and WeChat Pay, with the goal of offering tourists the ease of payments that they are accustomed to, writes Igal Rotem, CEO of Credorax.

The fridge, car, home assistant, smart watch, etc., will be able to initiate digital payments both online and on-location, and some will even be able to accept payment as well, and payment companies will need to respond, according to Michel Léger, executive vice president of innovation at Ingenico Group.

Retailers should also notice that each transaction with customers contains more than the currency, it contains the potential opportunity to establish a relationship, writes Franklin Chu, managing director of Azoya International.

The cashless society is no longer just a feast for the 527 million Chinese mobile payment users, but to anyone with a solid digital footprint, according to Franklin Chu, managing director for Azoya USA.