2020年中国数字支付革命 - 布鲁金斯学会（英文版）（15页）.pdf

1、APRIL 2020 CHINAS DIGITAL PAYMENTS REVOLUTION AARON KLEIN TECHNOLOGY 1 EXECUTIVE SUMMARY While America spent the past decade upgrading its bank-based magnetic striped cards with chips, China experienced a retail payment revolution. Leapfrogging the card-based system, two new payment systems have com

2、e to dominate person-to-person, retail, and many business transactions. Chinas new system is built on digital wallets, QR codes (two-dimensional bar codes), and runs through their own big tech firms: Alipay running through Alibaba (Chinas version of Amazon) and WeChat Pay running through Tencent (Ch

3、inas version of Facebook). Chinas system largely disintermediates banks from payment transactions, robbing banks of an important and long-standing source of revenue. It creates an alternative payment ecosystem with different incentives between merchants, consumers, and payment system providers. It c

4、hallenges the long-standing placement of payments on the side of banking as opposed to commerce. In doing so, this system creates new incentives that could realign existing business models and relationships between merchants, banks, and technology providers. Chinas new payment system exploded in und

5、er a decade, growing from inception to dominance. With over a billion users on each platform, the power of network incentives has been unleashed. The new payment system has replaced cards and cash at registers, how families give gifts, and even how beggars ask for money, with QR codes replacing tin

6、cups. What does this mean for the future of Chinas payment system and Americas response? First, Chinas new payment system is here to stay. It will continue to grow domestically and globally, following Chinese travelers and consumers abroad. Second, new technology makes possible the movement of the p