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While on the global scale fintech is growing rather rapidly, the industry is absolutely booming in Asia, and particularly in China.
The volume of electronic payments surpassed cash transactions in 2016, beating fiat for the first time in history. Bitcoin could overtake credit and debit card payments within the next decade.
Alipay, the US$60 billion financial application developed by Alibaba subsidiary Ant Financial, is planning to implement blockchain technology for the long-term benefit of its consumers.
Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay.
American multinational technology company, Apple, is set to launch its mobile payment network, Apple Pay, in China on February 18, 2016.
Stripe, arguably one of the fastest growing fintech startup that allows users to accept payments through several different payment service providers has recently announced its support for Alipay, China’s largest payment processor.
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