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CASE STUDY
APRIL
2017
Social Networks,
e-Commerce Platforms,
and the Growth of Digital
Payment Ecosystems in China:
What It Means for Other CountriesAuthors: Zennon Kapron & Michelle Meertens
The information and opinions presented in
this publication are entirely those of the authors,
and have no endorsement by the Chinese Government.
CHINA
Case StudyThe rapid growth of social networks and e-commerce
platforms has transformed the way people communicate
and transact around the world. Integrating digital payments
into these growing networks and platforms has presented
vast opportunities to drive economic opportunity, financial
inclusion, transparency, security, and growth. In practically
all countries individuals, businesses, and policymakers are
recognizing these opportunities and acting on them, but
perhaps nowhere more so than in China.
This report examines two of China’s most far-reaching
applications – WeChat and Alipay – and explores their
role in the development of one of the world’s largest and
most sophisticated digital payments ecosystems. The
report illustrates how incorporating digital payments
into existing services has unlocked economic opportunities
for hundreds of millions of users, including through
low-risk savings accounts, new credit assessment and
lending services, and by opening up new markets for
micro, small, and medium enterprises.
As China’s economy is unique, this report has also
identified key factors in the successful integration of
digital payments into social networks and payment
platforms. In this way, the report aims to provide lessons
that can be assessed, and where relevant, applied in
other markets beyond China. As social networks and
e-commerce continue to grow and offer new opportunities
as well as risks, the report adds to a body of knowledge
about how digital payments can improve lives and
strengthen economies in all parts of the world.1.EXECUTIVE
SUMMARY
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3.COUNTRY CONTEXT
/18
4.GOING DIGITAL
/22
5.THE RISE OF DIGITAL
PAYMENTS ECOSYSTEMS
/27
2. INTRODUCTION
/14
TABLE OF
CONTENTS6.THE BUSINESS OF DIGITAL
PAYMENT ECOSYSTEMS
/42
7.KEY LESSONS FROM CHINA
/54
8.CONCLUSION
/60
ANNEX
METHODOLOGY /62
TERMS AND DEFINITIONS /63
FUNCTIONAL COMPARISON /64
ENDNOTES /65
KEY DATES /62
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