Forrester: What Digital Wallet Growth in China Means For Businesses | Be Korea-savvy

Forrester: What Digital Wallet Growth in China Means For Businesses


press release news curation

 

Businesses need to evaluate marketplace options and consumer needs for digital wallets to ensure successful deployment (image: Kobizmedia/ Korea Bizwire)

Businesses need to evaluate marketplace options and consumer needs for digital wallets to ensure successful deployment (image: Kobizmedia/ Korea Bizwire)

BEIJING, June 25, 2014 (Korea Bizwire)–Digital wallets1 adoption is growing in China, according to a  new report from Forrester  Research, Inc. (FORR). The growth is attributed to the  burgeoning eCommerce market, explosive growth of smartphone penetration,  and mobile payment technologies in recent years that have made digital  wallets a convenient payment option. Aggressive promotional efforts by  eCommerce giants, Alibaba and Tencent, financial institutions and mobile  operators also play a key role in encouraging the use of digital wallets  via their online platforms.

Senior Analyst Vanessa Zeng writes in the report that, with the strong  growth potential of digital wallets in China, businesses should evaluate  consumers’ needs, marketplace options, and formulate a digital wallet  strategy to deliver better business outcomes.

Key takeaways from the report include:

  • Understand China’s unique mobile payment system is unique In  general, the mobile payment services ecosystem is extensive and market  players include standards bodies, mobile devices, manufacturers,  banks, mobile network operators, mobile payment platforms, merchants  and consumers. In China, the country’s Central Bank policies determine  the market access of third-party payments. By unifying mobile payment  standards, the Central Bank improves compatibility of digital wallets  offered by the different players, thus lowering the cost of adoption.
  • Select the mobile wallet that’s right for you There are  three types of digital wallets that exist in the marketplace for  businesses to choose from: remote-only digital wallets, proximity-only  digital wallets, and omni-channel digital wallets. Financial  institutions, mobile operators, and third-party online and mobile  payment platforms offer different digital wallet options, each  possessing unique capabilities and positioning.
  • Keep Consumers and ROI in mind when selecting a Digital Wallet Merchants  who recognize consumers’ mobile integrated lifestyle have primarily  adopted digital wallet solutions to improve the customer experience  and simplify the payment process. To adopt the right solution,  merchant organizations must understand the factors that influence  consumers’ usage of digital wallets.

About Forrester Research

Forrester Research (FORR) is a global research and advisory firm  serving professionals in 13 key roles across three distinct client  segments. Our clients face progressively complex business and technology  decisions every day. To help them understand, strategize, and act upon  opportunities brought by change, Forrester provides proprietary  research, consumer and business data, custom consulting, events and  online communities, and peer-to-peer executive programs. We guide  leaders in business technology, marketing and strategy, and the  technology industry through independent fact-based insight, ensuring  their business success today and tomorrow. Visit www.forrester.com.

© 2014, Forrester Research, Inc. All rights reserved. Forrester is a  trademark of Forrester Research, Inc.

1 A digital wallet is a digital service, accessed via the Web  or a mobile app that authorizes payment transactions from one or more  payment sources and facilitates other commerce-related features such as  offers, coupons, loyalty rewards, electronic receipts, and product  information.

Source: Forrester Research (via BusinessWire)

press release curation and disclaimer notice

3 thoughts on “Forrester: What Digital Wallet Growth in China Means For Businesses

  1. Pingback: Forrester: What Digital Wallet Growth in China Means For Businesses | THE CHINA GAP

  2. Pingback: What Digital Wallet Growth in China Means For Businesses

  3. Pingback: What Digital Wallet Growth in China Means For Businesses

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>