Recently, Beijing’s Sanyanli Market welcomed several special customers: Mr Tariq Bajwa, Governor of the central bank of Pakistan and his retinue.
Why did they visit this vegetable market? Vegetable is not their focus. What attracted them is the ubiquitous mobile payment in China.
At this market, over 90 percent of the stands hang a quick response code for customers to scan and pay for the bills ranging from a few yuan for vegetables to hundreds or thousands of yuan for seafood. After customers’ payments, a clear and melodious female voice: “Alipay gets ×× yuan” will be heard one after another here.
Mr Tariq Bajwa and his retinue, accompanied by Jing Xiandong, President and CEO of Ant Financial Service Group(AFSG), visited the market with strong interest and observed how Chinese customers use the mobile payment in daily life.
What’s more, Mr Tariq Bajwa bought some raisins from the No. 27 Stand and experienced the quick and easy mobile payment by using Jing’s mobile phone.
Mr Tariq Bajwa asked Mr Huang, a salesclerk, how they do business with the Alipay. “Alipay is very easy and good to collect money. It is not only helpful for our business, but also for me to reimburse outpatient medical expenses and for my boss to apply for loans,” answered Mr Huang.
“Really?” Mr Tariq Bajwa asked surprisingly after listening to Mr Huang’s answer. Jing explained that nowadays in China, many small and micro offline business operators from a roadside steamed bun shop to stand owner of a vegetable market, can get access to various comprehensive financial services by a quick response code, based on the analysis on the business’ online transaction information and others.
Mr Tariq Bajwa is very appreciated to the inclusive finance of AFSG, especially the “310 Mode” which means AFSG, together with 1,000 financial institutions, will provide financial service to 30 million small and micro enterprises in the following three years (2018-2020).
Mr Tariq Bajwa hopes to introduce it to Pakistan.