China’s Payment Market — Reuters (Video)
Maverick China Managing Director Dave Carini was recently quoted in a Reuters video piece about China’s payment market growth and on difficulties faced by foreign payment companies trying to break into China:
In terms of transactions and overall users, it is already as big or bigger than in the US and other markets. But I think within the next two to four years, in just about every area, China’s online payments market is going to surpass the US….
Most of the foreign companies that have tried to come into China, the payment companies, they have discovered that they can’t come in the areas that are their core strengths. And so they have to find alternate ways, new ways to come in, new ways to make money into China.
Click here for the full clip.
An accompanying story, “China’s e-payment booms, foreigners get the boot“, contains additional quotes from the interview.
On a side note, the video was filmed just outside our new office!