Europe and China Pave the Way for United Mobile Wallet Technology
Mobile wallet providers in Europe and China are teaming up to provide a seamless payment experience for travelers. Alipay, Momo pocket, Bluecode, ePassi, Pagaqui, Pivo, and Vipps are working on a unified QR code, which would allow consumers to use their mobile wallets across multiple countries.
The new QR-code system will initially launch in Finland, Iceland, Sweden, Norway, Spain, Portugal, Germany, Austria, Denmark and Slovenia. Users with any of the aforementioned mobile wallets can pay for transactions in any of these countries, as long as the merchants accept mobile payments.
The interoperative mobile wallet technology will first roll out in the Nordic countries, then to the other countries throughout the summer. The technology could also expand to other countries and mobile wallet providers in the future.
Alipay has over 700 million active users in China, creating a big opportunity for European merchants to draw in new shoppers. By comparison, there are 5 million total users for all six of the European mobile wallets. Tourists from China made over 14.2 million trips to Europe last year.
Since Apple Pay is already accepted in nearly all of the participating European countries, there is a significant potential for growth in the unified mobile wallet market.