In aggregate, the $45 trillion in mobile transactions volume that Chinese merchants process annually is twice as large as what MasterCard, Visa and PayPal process each year combined. For example, Alipay has over 1.3 billion users and more customers outside of China than all of PayPal’s user base. Ant Financial, AliPay, WeChat Pay and others comprise the world’s most advanced mobile payments market. In the meantime, China has taken the global lead in mobile payments, both in sophistication and scale. companies - who don’t want to operate in a “Wild West” environment - have been asking for but not receiving. Reasonable and clear regulation is exactly what responsible U.S. Second, if the West leads in fintech, it can set reasonable world standards for this new field, such as protecting the environment, preventing illicit cross-border transactions and safeguarding consumer privacy. Read more from the TechCrunch Global Affairs Project
