The financial industry in the United States is far more developed than in China, and credit cards are very popular. That's a real credit card, unlike domestic credit cards that you use in name only, but when you actually swipe the card, you still need a password or signature. Americans don’t need to carry cash. They can travel across the country with just a credit card or a checkbook. Everyone finds it very convenient. But once you get used to it, you often become inert. In comparison, China's credit system is very weak, credit cards are not popular, and checks are even rarer. However, this forced China to find new ways. As a result, mobile payment emerged at the historic moment, online shopping flourished, and express delivery flourished.

Data show that the amount of third-party mobile payments in China more than tripled in 2016, reaching US$5.5 trillion. Last year, mobile payments in the United States grew by 39%, reaching $112 billion. This shows that China’s mobile payment volume last year was nearly 50 times greater than that of the United States. Data show that the amount of third-party mobile payments in China more than tripled in 2016, reaching US$5.5 trillion. Last year, mobile payments in the United States grew by 39%, reaching $112 billion. This shows that China’s mobile payment volume last year was nearly 50 times greater than that of the United States.

Some people say that mobile payment is China’s four great inventions. However, the earlier well-known company in e-commerce payment should be Paypal. You must be familiar with the two well-known founders associated with this company. One is Musk. Nowadays The rockets flying in the sky and the Tesla running on the ground are enough to amaze the world. There is another Peter Thiel. Maybe you have read his book "From 0 to 1".

Powerful traditional payment methods in Europe and the United States. Including credit cards and checks, the credit card system is very powerful and popular abroad. Compared with the complicated identity verification process in China, it has obvious advantages. Imagine that you directly hold your credit card close to the payment device, or scan the POS machine without any payment password. It's all done with just one click. Is it as convenient as our mobile payment? After all, we still need to open the QR code.

So, mobile payment is not an absolute technological leader, but the convenience of our traditional banks is too poor, which makes this convenience improvement and transaction cost reduction become a very good thing, and foreign countries are not lagging behind. , in a sense, this shows that their traditional banking industry has a stronger ability to adapt to the environment. I also want to correct my view. There are not as many foreigners using mobile payment as there are in China, but in fact there are already a lot.