Foreign banks offer new solutions for digital payments

With the rapid growth of the mobile payment market in China, several large foreign banks are starting a new type of business helping retailers to better collect money paid via major digital payment tools.

The banks, including HSBC and Citi, aim to help multinational and domestic companies tap into a market where almost half a billion consumers use mobile phones to pay for goods and services. It is also part of the efforts by foreign lenders to explore digital payment innovation.

The new solution allows retailers in China to better collect payments from customers who are using a variety of popular e-wallets, such as Alipay, WeChat Pay, Apple Pay and UnionPay.