Mobile Payment Should Be Part of BRICS Cooperation

Stronger Partnership for a Brighter Future was the theme of the 2017 BRICS Summit held in Xiamen on September 3-5. As important participants in efforts to strengthen partnership between BRICS countries, Chinese enterprises will not only bring capital, products and infrastructure to BRICS countries, but also provide them with technology, services and train local professionals. Based on the respect of local cultures, Chinese enterprises will work to- gether with local companies to boost economic development throughout BRICS countries.

China’s mobile payment systems have become an important tool for trade and finance among BRICS countries. Mobile payment benefits the public, helping China to facilitate BRICS cooperation. Therefore, making mobile payment part of BRICS co- operation efforts is important in terms of pragmatic collaboration.

In the Internet era, e-commerce is a core market among BRICS countries. According to fi gures from related international organi- zations, half of global services trade is now realized through digital methods, and about 12 percent of trade in goods is done through e-commerce. Cross-border e-commerce payment systems among BRICS countries are necessary for the development of multi- lateral e-commerce.

Some scholars think China is becoming a global contributor and leader rather than a follower in the field of mobile payment. The country continues to share its experi- ence and solutions with the rest of the world in this field. Recently China’s high-speed railway system, Alipay (China’s leading third- party online payment service provider), online shopping and bike-sharing businesses have been deemed the “new four great inventions” by youths from 20 countries participating in the Belt and Road Initiative. Many countries are now learning from China’s experience.

While finance reflects a country’s soft power, trade cooperation is an important foundation for BRICS cooperation for which finance is necessary. According to the theory of modern economics, fi nance is the lifeblood of economic development. For modern companies, cross-border trade can- not proceed without fi nance.

In ancient times, the circulation of silver dollars was crucial for long-distance trade. Now, the level of convenience for cross- border payment and circulation decides the quality and quantity of trade cooperation between countries. Mobile payment has broadened the space for trade among BRICS countries. For instance, after Alipay was con- nected to Brazilian payment tool Boleto, the latter obtained the ability of cross-border payment via Alipay. Russian payment chan- nels such as Webmoney and Qiwi have also been able to provide local and cross-border payment services after liaising with Alipay.

Mobile payment has helped improve China’s image in the BRICS group and facili- tated payment in an attempt to realize the goal of building a big market of trade and investment, promoting smooth flows of currency and finance, improving infrastruc- ture connectivity and building close bonds between people as mentioned by Chinese President Xi Jinping in his keynote speech at the opening ceremony of the BRICS Business Forum on September 3.

Xi also said the fi ve BRICS countries are engaged in practical cooperation across the board, covering several dozen areas, including economy, trade, finance, science, technology, education, culture and health. In my opinion, mobile payment is an important part of cooperation in these fi elds, and part of China’s contribution to “BRICS wisdom.”