76 percent of Chinese smartphone users made a mobile point of sale purchase in 2017, compared to 25 percent in the U.S.; China’s mobile payments dominate the rest of the world as they have almost gone from using cash to using mobile in the last few years; there are a number of lessons the rest of the world can take from China’s mobile payments market; get merchants to buy in by using ideas like tying loyalty rewards and payments, embrace the mobile platform and the potential it has; while mobile based payments will take time to catch on in the U.S. banks have already started thinking of how to best utilize different platforms. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.