The Role of Technology in Changing Payment Landscapes

This article provides a summary of how payments are changing as technology changes and is adopted. Also, an update on AI ‘watermarking’.

Levers that lead to payment change

China is an interesting example of rapid and widespread payment change. Its digital revolution is the result of technological innovation, changing consumer preferences, and government support.

Perhaps the most important driver of change has been the willingness and ability of people to use mobile payment apps such as Alipay and WeChat Pay. These are now central to the daily lives of people, offering more than just payments, but also money transfers and investments.

QR codes, working with the mobile payment apps, are simple and quick for merchants and consumers, as well as for person-to-person transfers. As a result, they are used everywhere, whether for daily basics or for luxury goods.