The growth of payment apps like Alipay, Apple Pay, and WeChat Pay in two major markets, the risks and the benefits, and the relations with traditional finance

Abstract

With the advent of electronic commerce in the world, mobile payments are growing fast, a trend to replace traditional payment methods. Mobile payments have multiple giant companies to rival for China and America markets and have objectively promoted the Internet Finance and changed the people’s lifestyle. This thesis delves into the effects of mobile payments that change the payment habits of Chinese in transportation, meals, and shopping; attitudes to the whole mobile payments performance now and future; and effects of Internet Finance that change the money management of Chinese. An online survey contributes to collect people’s opinions. The finding clearly shows the effect of mobile payments exerts only on meals payment of Chinese; people who are satisfied with the performance of mobile payments now and in the future believe overall aspects of mobile payments performance meet their anticipation, and people who used to invest traditional finance and who did not have investment habits are now likely to invest spare money in Internet Finance in mobile payments applications.