Norwegian Telecom and Ant Financial recently announced that the two sides have entered into a strategic partnership. Ant Financial will invest more than US$180 million in the purchase of a 45% stake in TMB’s subsidiary TMB in Pakistan. This is the first time that Chinese financial technology companies “fall”. Pakistan.
A staff member of Ant Financial said that Ant Financial will enhance the development of Pakistan’s largest mobile wallet, Easypaisa, as a local version of “Alipay” by sharing technology and experience, and providing inclusive financial services for more ordinary Pakistani families and small and micro enterprises. .
In this regard, related experts said that the two major mobile payment giants, WeChat Payment and Alipay, are changing the way people are spending, and they are also welcomed overseas. According to WeChat payment and Ant Financial data, as of now, the two major payment applications have been deployed in nearly 40 countries and regions around the world.
"Because access to Alipay, it is equivalent to access to the entire Chinese consumer group." Industry insiders believe. Consumers in the Chinese market have been accustomed to using mobile payment services after years of market cultivation through payment services such as Alipay and Wechat. Chinese consumers are also a large consumer group that global businesses compete for.
At the same time, on Alipay's "Outbound Benefits" platform, users can also search overseas destination business information, personalized travel recommendations, and receive business discounts. In addition to realizing life functions such as helping with shopping, dining, and transportation, Alipay also launched a real-time tax refund function. Up to now, 24 countries and regions have been able to refund their taxes to Alipay, and more than 60 overseas airports have access to Alipay to provide various services. Instant airline rebates to Alipay have been launched at 14 airports in Europe, as well as airports in South Korea and Singapore. The user can instantly refund the tax while shopping.
Chinese payment methods also face challenges while “going out”. Yi Rui, the new CEO of Wang Yue, said that overseas has certain concerns about mobile payments. In the international arena, China Mobile Payment is facing more and more confrontation with "Western standards" represented by the International Chip Card and Payment Technology Standards Organization (EMVCo). For a long time, international payment standards have been set by EMVCo, an industry alliance initiated by Western bank card organizations. Western countries have not had enough time window for China Mobile to “go global”.
"For companies that want to make cross-border payments, they need to apply for similar mobile payment third-party payment licenses locally." Ma Huateng, deputy to the National People's Congress and chairman and chief executive of Tencent's board of directors, said that the progress of this link is still very slow and difficult. Even if they got a license in some countries, they found that local infrastructure construction still needs to be improved, and even some banks are unable to provide service interfaces. "If you can't achieve interconnection, then it's very difficult for mobile payment to enter the next stage."
In the face of difficulties, He Qiang, a member of the National Committee of the Chinese People's Political Consultative Conference and professor at the Central University of Finance and Economics, suggested that a good policy environment should be provided for mobile payment innovation and “going out”. For example, regulatory measures need to be innovative, and they must be further elaborated and treated differently. The government should support enterprises in making socially meaningful innovations, such as piloting biometrics to remotely open accounts in remote rural areas.
He Qiang also suggested that Chinese enterprises should be encouraged to take the lead in setting international payment industry standards and strengthen the "China Standard" voice. He believes that the user experience and security of domestic mobile payments have been tested in the market for many years. The government should encourage Chinese payment companies to promote "China standards" globally, and be bold in competing with "Western standards" to compete for "commanding heights" for future development.