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Try living in any major Chinese city without it. On top of that, pretty much every foreign competitor is functionally disabled. Virtually all mobile payments i
by manuelabeledo 3y ago
Try living in any major Chinese city without it. On top of that, pretty much every foreign competitor is functionally disabled.
Virtually all mobile payments in China are handled by WeChat/Tencent. That's not an accident.
- rchaud 3y agoIs it a big deal if foreign competitors aren't active in that market? I wouldn't expect a Chinese payment app to work with my US bank account any more than I would expect Huawei network equipment to be used to transmit domestic traffic.
- manuelabeledo 3y agoThe CCP is notorious for boosting domestic ventures, and strangling any foreign attempt to compete. And while I would agree that keeping strategic industries under domestic control is a good thing, social media and mobile payments are arguably not part of those.
- rchaud 3y agoThere aren't any payment apps in the US from friendly countries either. I think payments are a strategic industry, or at least one where the public doesn't benefit from having a Visa or Paypal take a cut of everything. As publicly funded infrastructure like interbank transfers gain greater adoption, I can see European governments discouraging use of American processors (Visa, MC) unless absolutely necessary.