Open figure viewer
Significance
Apple Pay has over 500 million users, while Google Pay has in excess of 100 million. The switch to contactless and online payments during the pandemic greatly stimulated adoption of these systems. Yet the numbers pale in comparison with the Chinese fintech giants Ant Group and Tencent, which in China alone count over 1 billion and 740 million users for their Alipay and Tenpay services, respectively.
Impacts
Developing economies where fintech firms seek to expand financial inclusion may take note of China's regulation of payment systems.
Regulatory convergence between the EU and China is increasing on a range of tech issues.
India will try to balance the interests of foreign fintech firms with its own regulatory requirements.
Keywords:
International,
INT,
China,
EU,
India,
United States,
economy,
industry,
regulation,
technology,
retail,
Diversified financial services,
IT software & services
© Oxford Analytica 2022. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2022
You do not currently have access to this content.
