Dealing with differences
In China, mobile payment gained momentum following the use of social media apps like Wechat to send hongbao (gifts of red envelopes with money) during the Chinese Spring Festival. Sending hongbao was already a common practice, so once it became digitalized, the custom spread to sending e-gifts to friends and family in a complimentary fashion.
While that approach worked in China, the concept may not carry over to other countries unfamiliar with it. Chinese mobile payment companies will need to deal with different economic and cultural environments overseas. According to Ant Financial, the company is addressing the challenge by working together with local partners.
“Different markets have different environments and