Can mobile payment replace physical payment in the future? Can Alipay replace POS?

In the past few years of rapid development of mobile Internet, mobile payment has entered everyone with the popularity of smart phones. In the country, young people are basically a payroll, and some even have multiple Alipay numbers. WeChat payment is also growing with the WeChat population, slowly covering all WeChat people. More people have both Alipay and WeChat payment, and very few may have some other payment software.

Research firm Strategy Analytics recently released the latest report "2010~2022 Mobile Payment Forecast Update", saying that global mobile payment users will exceed 1 billion by the end of 2016, equivalent to 20% of independent mobile users. Mobile payment transactions will be more than double in 2016 by 2022 – from $200 billion in 2016 to $571 billion at the end of 2022.


At present, with the rollout of offline mobile payments, Alipay and WeChat are competing for market share. From the current cashiers and payment offices of major shopping malls, there are signs of WeChat scan code payment and Alipay scan code payment. It is known that the competition in the market is in full swing. The competition between the two sides has also rapidly increased the popularity of mobile payment online. Now small convenience stores, fruit shops, and restaurants have begun to support scan code payment. In terms of the line, subways, buses, and taxis can already be paid by mobile phones. That is to say, we can go out and spend without having to bring a wallet. Perhaps in the near future, the aunts who sell vegetables will also use Alipay and WeChat to collect money. Mobile payment completely replaces the payment of physical banknotes. The bank's POS is completely possible to withdraw from the historical stage. At present, Alipay and WeChat can collect money. Replace the POS machine.

In the United States and other countries in the United States, their current mainstream consumption pattern is to swipe credit cards, cash consumption is very small, mobile payments are not as popular as China; while China’s past mainstream consumption pattern is cash consumption, and a small number of people with relatively new ideas will swipe credit cards. Cash consumption Everyone always has enough cash to spend. Now that China's consumption pattern is undergoing major changes, we have already led the era of mobile payment consumption in Europe and the United States.

So what is mobile payment compared to physical banknote payment?

Mobile payment advantages: convenient and fast, no need to change the consumption, can eliminate the circulation of counterfeit currency, no need to contact the banknotes, safety and health, security, with the improvement of technology, password plus fingerprint payment should be relatively safe

Disadvantages: When there is no network or network, mobile payment may not be used. The other one is network security, to prevent hackers, viruses and Trojans from invading mobile phones.

The advantage of physical banknote payment: cash is safe in the hand, it is necessary in the place without network

Disadvantages: the cost of printing banknotes is relatively high, the circulation cost is large, the banknotes are unsanitary, the counterfeit currency is required, the carrying is not good, the loss rate is high, etc.

Based on the above analysis, the two payment methods have their own advantages and disadvantages. As far as the current situation is concerned, it is expected that full mobile payment will not be able to replace the payment of physical banknotes in the short term. Of course, it can largely replace the payment of physical banknotes, which will be quite long in the future. For a period of time, the mainstream payment method is that the two payment methods complement each other.

If you enter the era of digital virtual currency in the future, maybe you go to the vegetable market to buy food, scan code payment, street barbecue, scan code payment, buy cool skin can also scan code payment, mobile payment can cover almost all daily consumption, you can Self-brain to make up the picture.

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