China, India, Bank Account discussed on BBC World Service

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Of addi pay the largest serb party payment act addi pay has five hundred trending million users which is about sixty percent of to own land population it's extraordinary to see this in china and i'm thinking about it in other countries in the world i mean you have partnerships in other countries sent you yes we working with local partners in some markets like india and thailand indonesia where mobile internet penetration raise high but the traditional banking institutions are not really serving the needs of ordinary people so they are what we called on the band population people are underpinned because traditional bank services are in costly because the operation cost is high and digital finance is low costs in fact euro freeing this service effectively free for the user here in china i am certainly struggling to understand the business model here you're even offering them a reasonably significant interest right on their deposits it seems like a very generous service you're just after market share right now is that was going on financials profitable and has thing profits both for a few years now i was in the small that full payment we charge merchants instead of customers quotas strayed vendors usually they will use person to person transfer when they have to take that money out of the alley pay account to their bank account they need to pay a commission but it's much lower than your regular credit card commission how do you explain this taking off so extraordinarily fast and extensively in this country specifically what did you think china's advanced she saw a more dark mark is you have a higher percentage of a credit card acceptance raids and when people i used to doing things a certain way it's harder and higher cost to educate them to transfer another way while in china people in the past few years have been using mobile phones do everything and the existing payment masire's are less mature one of the reasons the people stick to cash in most parts of the world i think is because that i want to have to pay lots of tax which in some countries can be very high that's an issue here i'm not that okay i get one of those types of voidance galea's on issue in china the bank that was mentioned in china the.

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