Retailnews: QR code mobile payment has been brought to the world by the Chinese

In the past few years, QR mobile payment services have become increasingly popular on the South Korean island of Jeju, with about 1,000 stores now accepting QR mobile payment methods, mainly targeting Chinese consumers.

According to CU convenience stores, 87.2% of Chinese tourists used mobile payments when shopping in the first half of 2018, while only 12.8% used credit cards. In 2016, 65% of Chinese tourists used credit cards.

Starting in September, Hanyang University will support tuition payments via WeChat, a program developed in partnership with Shinhan Bank. About 900 convenience stores and restaurants at Korean train stations have begun accepting WeChat payments.

Chinese QR code mobile payment systems are not only used in Asian countries, such as South Korea, Vietnam, and Thailand. They are also used by Chinese tourists all over the world, such as the United States and Europe. These payment systems have even spread to Amsterdam Schiphol Airport in the Netherlands.

About 78% of Chinese use these payment systems, with only 21% using credit cards or cash.

When visiting a small restaurant in China late last year, President Moon Jae-yeon was surprised by the convenience of QR code mobile payments.

One reason the system has taken off in China is that it doesn't require a credit card terminal, making it cheaper and more convenient.

WeChat Pay joined the QR code mobile payment market later than Alipay, but it currently accounts for 40% of China's mobile payment market, while Alipay accounts for 54%.

QR code mobile payments also have loopholes. For example, the Vietnamese government found in June that some money spent by tourists in the country did not pass through local financial institutions. In 2016, the Thai government found that several travel agencies were evading taxes through mobile payment systems. South Korea reported that in 2016, a plastic surgeon in Nonhyeon-dong, Gangnam, who only accepted cash or credit cards from Chinese patients, was found to have evaded more than 10 billion won (8.9 million U.S. dollars) in taxes.

199IT.com Originally compiled from: Retailnews. Please do not reprint without authorization