The Chinese mobile payment market: Focus on the growth of WeChat pay from cultural perspectives

Abstract

China has overtaken the US to become the biggest mobile payment market. Among many players, development of WeChat Pay is noticeable, who has shown explosive growth upon its launch in 2013. This research paper seeks to explore the reasons, especially from a cultural perspective, behind the advanced mobile payment in China, focusing on WeChat Pays rapid growth and its influencing factors through the analysis of the popular side-product Red Envelope. The findings of this study will add to the available research to help the other mobile payment systems and business developers of the East Asian region to make better suited strategies in improving and developing their mobile payment and other fin-tech businesses. Main findings suggest that among many other factors, WeChats cultural product and cultural marketing approach brought positive impacts such as improved 1) culturalization

2) Brand awareness

and 3) Sustainability.

Key words: Mobile payment

Red Envelope

WeChat

WeChat Pay

Cashless society

Third Party Payment

Cultural context in business

Student Number: 2015-25161