With the global economic crisis creating a ‘new norm’ for businesses, China is looking to its domestic market in order to stabilise its own economy.
The payments transformation in China is a key factor in supporting this approach. One of the components of this strategy is to improve the processing of retail payments, which offer consumers more convenience and cost-effective ways to pay. This approach is seeing an increase across the country in initiatives and investment in the principles and technologies that will promote consumer spending and maintain retail liquidity.
© 2021 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.