Alipay Takes on Apple Pay and PayPal on Their Home Turf

A driver uses his smartphone to pay the highway toll by way of Alipay in Hangzhou, China on September 21, 2016. (Photo credit STR/AFP/Getty Images)

Ten years ago, eBay lost the battle to conquer China’s e-commerce market to small upstart Alibaba. Ten years on, China’s e-commerce market has grown more than tenfold, and Alibaba has become a global conglomerate with its arms stretching across multiple disciplines such as payments, big data, Hollywood and more.

The game of e-commerce has also changed. With proliferating smartphones, e-commerce has become increasingly mobile. Euromonitor estimates that mobile commerce will amount to $972 billion by the end of this year. By 2021, mobile payments are expected to reach $3 trillion.

This is an area where American companies are falling behind. Continue reading

Apple Pay Is Not Innovative Compared to What’s Happening in China

With Apple’s fanfare announcement of Apple Pay on new iPhone6 and Apple Watch, Gary Rieschel of Qiming Ventures seemed unimpressed and said it was a non-event in China as Alipay and Tenpay had been doing exact that for years.

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Are we seeing a reversing tide when it comes to innovation in consumer and mobile sectors? Your comments are welcome.