KEY POINTS
  • Banking world stands up and notices Chinese firms strength in mobile payments
  • Non-bank firms like Alipay show greater capacity in transaction volumes
  • Impact on retail banking operations a key factor for fintech development
Mobile payment platforms Apple Pay and Alipay are displayed for a photograph in Hong Kong, China, on November 1, 2016.

The giants of the banking world are starting to publicly acknowledge the dominance of mobile payment methods devised by Chinese technology firms – and, more broadly, a failure to keep up with fintech rivals in certain areas.

Speaking before a crowd of hundreds at the Rise Conference in Hong Kong last month, Jing Ulrich, vice chairman Asia Pacific at JPMorgan Chase, heaped praise on the two Chinese online payment juggernauts, Alibaba Group's Alipay and Tencent's Tenpay.