Kerth, 07 Feb 2018While what you say is true, you do have to consider that US and EU citizens have much more con... moreWell, that's the problem here in America. Peoples are so hardheaded that sometimes(or most of the time) they don't easily accept new thing(s).
From cash to check to credit card and we're still here with credit card, and the worries of this and that.( And the reasons that you've mentioned it about too).
Besides what you've mentioned it, One of the many other reasons for it to be so hard & slow here is that people hate to learn about new things, and easily find them complicated when they do not understand how to use it at first try( technology savvy in general for regular folks are kind of the same in China & USA, but somehow American seems to less savvy about the tech that they're using in every day). The American also hated it when problem occurs and they have to go through those trouble to solve it. But, compare to the Chinese and Alipay & WechatPay, damn those thing also got some of those trouble/problem that the American hated it too.
But at least they're more easier to use at the end( which is a good thing.) I guess it also thanks to its hugh user base too which it doesn't really needed the vendors to assist/resorting, cause unlike America! Before Apple step in, you can hardly find any of them willing to make that as one of their payment method in their store!
Since you've been living in China for quite some time, you would be understand that like Wechat pay, it is basically a simple direct money transfer from one person to another person on their phones( and of course those money are either withdraw from their bank account or received from other, and Wechat act as a digital wallet).
FromChinaWithLove, 07 Feb 2018As a Chinese living in America, I felt that we are falling so far behind in digital payment me... moreWhile what you say is true, you do have to consider that US and EU citizens have much more concerns over their privacy (whether founded or unfounded) in regard and are distrustful of techinological innovations in general, much more so than the Chinese, who are quite enthusiastic about the new developments. Simply ask you friends how many of them would trust Facebook with their credit card info and the entire payment history. I mean, many of the Chinese use AliPay and Wechat Pay exclusively without resorting to direct credit card payment or cash, hell when I was living in China I didn't even carry my wallet on most days since I always had my smartphone on me and a Alipay enabled smartwatch as a backup, so all of my online and offline purchases including food, groceries, medcine, condoms, train tickets, hotel reservations, street snacks, occasional ice-cream etc were all paid by with my smartphone. Would an average american be OK to provide a social network let alone a large corporation with all of that info with timestamps and location? I'm not so sure. The Chinese, on the other hand, have no such sentiments.
As a Chinese living in America, I felt that we are falling so far behind in digital payment method ( in general). Yes, ApplePay may had made the Western Society started to move forward with digital payment method ( I mean that there was other who already started it with their wallet App, as well as their own Pay app, i.e. AndroidPay, Microsoft wallet, etc)
And not to mention that America has been talking about using other electronic devices to make payment besides the credit card ( that was like 8 or 10 years ago).
But still, even to this days, these digital payment method are still not popular or as common as smartphone nowadays.
And upon last year when I got a chance to go back to my own country for a weeks and I felt like a farmer who first time step out of the village and into a big city, everyone in China who got a smartphone are using either Alipay or weixin pay ( wechat pay).
Not only it is so easy to use, it is much more hassle free because of the hugh user base ( wechat is like a WhatsApp app that got more users and far more development has put into it). And so the App has surpass other social media app for many things, which is why when payment method introduced to wechat, they simply got no worry or whatsoever that they would fail to make it happen, as the user base are so big that people would immediately follow or catch up pretty soon to join.
They work as a digital wallet that connected to user's bank account, money withdraw from their account to Wechat ( or Alipay, maybe as I have never have a chance to use Alipay), and so Wechat work as like PayPal in way but the money goes out and in much more faster ( like instantly ). So, it could be use by anyone that got the App ( and linked their account). Which mean you can buy stuff from anyone who got a Wechat App ( with QR code scanning).
Pretty soon you'll all be using Chinese payment systems. I've been to UK, France, Singapore and Hong Kong last year and tons of places accept Visa, MasterCard and the 2 Chinese payment system.