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"Countries in East Asia and the Pacific that were already coping with international trade tensions and the repercussions of the spread of COVID-19 in China are now faced with a global shock," said Victoria Kwakwa, Vice President for East Asia and the Pacific at the World Bank.
"Consumers may think UnionPay was too slow and trailing Alipay and WeChat Pay. But, UnionPay launched QR code-based payments only after the authorities officially approved such mobile payment systems," said Liu Fei, a retail sector researcher with Shanghai Mingshan Consulting.
"China's growth prospects, which stand out among major economies, relatively higher interest rate levels and the yuan's prospects for long-term stability are expected to amplify the country's allure to foreign investment in the next five to 10 years," Wang said on the sidelines of the annual conference of the China International Finance Society on Friday.
"Chinese tourists now expect the ease and simplicity of instant mobile payments. If European merchants can adapt to this, they will reap the benefits of having more Chinese customers as well as revenue," he said. "We are excited to see thousands of merchants accepting Alipay around Europe today and we expect continued strong growth in 2019."
"China, in many ways, actually has led smart city development, and even my hometown Singapore, which is technologically advanced, would like to learn from China.
