China Takes the Lead in Payments Innovation
In the fifth episode of our series on financial technology, we sat down with Zhong Wang, Head of Strategy and Overseas Payments for Baidu Wallet and Payment Services. Zhong is a veteran of both Silicon Valley and the Chinese tech industry and is an expert on the retail payments sector in China.
We invited Zhong to speak with us about why innovations in payments are occurring so rapidly in China, the competitive threat that new payment companies represent to banks, and how developments in payments may impact other parts of the Chinese financial system. The conversation covers a number of interesting topics. For example, can new payments technologies help bring financial services to China’s large underbanked population? Is there a generation gap between the young and old in terms of adopting mobile payments? Will Chinese payment companies be able to expand to other rapidly developing Asian economies? Zhong also explains what he sees as some of the biggest differences between Silicon Valley and tech companies in China.