Mobile payments are the primary method used by Chinese tourists when they travel abroad, according to a Nielsen report published last year. As opposed to using cash, almost 70% of these tourists prefer the ease and convenience of using their own Chinese payment method: AliPay.
Retailers in North America have taken note of these preferences for mobile payments and are partnering with AliPay to provide their consumers to pay with their preferred option, both online and in-store. Some of the major names who have adopted this so far include Walgreens and the clothing store Guess.
Read more here: Why North American Merchants Are Adopting Alipay In-Store (And Online)
Gone are the days when money transfer was done using the old, traditional methods. Today, with technology evolving every minute, and with financial institutions implementing innovative technologies, transfers and payments have taken a new route.
To keep up with these changes, Russia has introduced a new money transfer system. Launched under its express payment system, people will be able to make transfers to their accounts from their mobile, without having to enter their bank account number. When making a transfer, the new system will use the user’s phone number to complete the transaction.
This service will be available to almost all large bank customers in the country. The project is initiated and coordinated by Russian FinTech Association and has several large banks on board.
Learn details related to the new transfer system in the article titled ‘Russia is launching money transfers to mobile number‘