The end of 2015 could not have been stronger for the Chinese FinTech scene. In October, China’s central bank introduced a new cross-border payment system to allow yuan-based clearing transactions. In November, Chinese Alibaba consumers spent an astounding $14.3 billion on Singles Day, the biggest online shopping day in the world. In December, UnionPay launched its mobile payment service and partnered with Apple to bring the latter’s mobile payment service to China this year.
The infographic below, made by our sister publication Bobsguide, goes a long way to explain just why the likes of Apple are scrambling to make a mark in the Chinese market.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
Insurers went online a long time ago, but one of the major challenges has been creating an online experience that can handle the relatively complex insurance “form-filling” process. Jonathan Attwood, CEO of Fospha, explains how his company's toolset can help insurers more accurately track their customers' behaviour.