In China, QR codes are used widely by smartphone owners to pay bills and make purchases in shops and at vending machines - contributing to a $9 trillion mobile-payment market last year. That is almost 90 times the size of the U.S. mobile-payment market of $112 billion.
As in China, merchants in many emerging markets lack point-of-sale machines needed to process payments via Apple Inc.’s Apple Pay and Alphabet Inc.’s Android Pay. Meanwhile, few consumers in these markets have credit or debit cards to make payments. Executives at India’s largest mobile-payment app, Paytm, drew inspiration from Alibaba, one of its main funders. Paytm’s chief financial officer, Madhur Deora, said his company benefits from frequent meetings with senior Alibaba executives. Paytm staff travel to Alibaba’s offices in China and vice versa.