China’s Mobile Payment Revolution Is Going to Africa

Standard Bank advertising We Wallet cropped smaller

With the launch of Apple Pay in mainland China on Feb. 18, Apple has become the first foreign player to secure a place at the table for China’s enormous mobile payment market. The company will be battling for market share with e-commerce giant Alibaba’s Alipay and Tencent’s WeChat Wallet, which dominate China’s mobile payment arena.

Billboard in Cape Town’s CBD

By the end of last year, a staggering 358 million Chinese were using mobile phones to purchase goods and services, according to research from the China Internet Network Information Center. Outside of China, financial institutions are eagerly looking for ways to build entire ecosystems around their users, following the success of digital leaders like Tencent and Alibaba, Beijing-based managing director of Accenture Albert Chan told Bloomberg.

Continue reading

Advertisements

FOCAC: Beyond the Numbers

December’s Forum on China Africa Cooperation (FOCAC) has been and gone, and the eagerly-awaited list of numbers has been released, digested, and analysed. China’s commitment of US$60 billion in financing for development across Africa is triple the amount pledged at the last summit three years ago, according to several mainstream media reports. Other calculations put this figure at closer to a 50%  increase in financial commitment. And, while it is this magic number that has since hogged the limelight, China’s important second policy toward Africa was released too.

Continue reading