ITU Blog: Mobile payments in China: Can Apple and Samsung compete with Alipay?
Some two billion people still lack access to traditional banking services. Yet, with seven billion mobile subscriptions worldwide, there is a significant opportunity to connect the “unbanked” to digital financial services.
There is also a massive opportunity to provide better mobile payment solutions to those who do have bank accounts in the world’s biggest markets. And while banks struggle to rapidly provide dynamic customer experiences on mobile devices, information and communication technology (ICT) companies are stepping into the void.
Global leaders such as Apple, Samsung and Alipay are all rapidly expanding mobile payment solutions in key initial markets, setting precedents that will have important global implications.