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A new UN study reveals that Alipay and WeChat Pay enabled US$2.9 trillion in Chinese digital payments in 2016, representing a 20-fold increase in the past four years. The data shows that digital payments, using existing platforms and networks, provide access to a wider range of digital financial services, expanding financial inclusion and economic opportunity throughout China and neighboring countries.

The new report by the UN-based Better Than Cash Alliance, Social Networks, E-Commerce Platforms and the Growth of Digital Payment Ecosystems in China – What It Means for Other Countries, contains key lessons to help other countries include more people in the economy by transitioning from cash to digital payments. This shift could increase GDP across developing economies by 6 percent by 2025, adding US$3.7 trillion and 95 million jobs, according to a McKinsey Global Institute report.

"Social networks and e-commerce platforms are growing in every economy, whether large or small," says Ruth Goodwin-Groen, Managing Director at the Better Than Cash Alliance. "In China digital payments are thriving from these channels, bringing millions of people into the economy. This matters because we know that when people – especially women – gain access to financial services, they are able to save, build assets, weather financial shocks, and have a better chance to improve their lives."

"Widening access to financial services has always been at the heart of Ant Financial's mission and we are proud to have empowered more people to save, invest and gain access to capital. There is a quiet revolution underway and we know, firsthand, that our services are making a real difference to hundreds of millions of consumers. But, as this ground-breaking UN report highlights, this revolution is only just beginning. We see tremendous potential to bring many more people into the financial system, in China and markets around the world," says Eric Jing, CEO of Ant Financial Services Group, which operates Alipay.

Key findings from the report:

The study also found both Alipay and WeChat are expanding beyond China and investing in major fintech and payments providers. They are joined by other major communication platforms, utilizing existing social networks and e-commerce platforms to drive digital payments and financial inclusion. The report found opportunities especially strong in countries with a high smartphone uptake and collaboration between the private and public sectors:

(Source: Better Than Cash Alliance)

HTC VIVE, the leader in room-scale Virtual Reality (VR), last week at the WEForum announced ‘VR For Impact’, a $10 Million program to drive VR content and technologies that will create positive impact and change in support of the United Nation's Sustainable Development Goals by 2030.

Virtual Reality provides a tremendous opportunity to develop and share ideas in impactful ways that lead to change, and through VR for Impact, HTC Vive will fund and support content and technologies that create the most powerful experiences to transform our world.

The United Nation's Sustainable Development Goals are a universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity. Virtual Reality's ability to immerse people into an experience is unmatched, and VR can drive the world to act on global issues the human race is facing. Through VR for Impact, HTC Vive is committing $10 million dollars to industry partners and content developers to create experiences that improve awareness, education, and lead to action.

"The potential for Virtual Reality to help us learn, understand, and transform the world is limitless. VR for Impact is a challenge to the VR community and content developers across the globe to help drive awareness and to solve the biggest challenges of mankind," said Cher Wang, Chairwoman and CEO, HTC. "HTC Vive will fund the best ideas using Virtual Reality that truly drive awareness and positive change in our world. We encourage all players in the VR eco-system to join as only together can we drive real impact."

"HTC is a pioneer in recognizing the work the UN has done to promote social change through virtual reality," said Gabo Arora, Creator of the UN's VR Initiative and Creative Advisor to the World Food Programme. "The Vive's room-scale VR capability can be a powerful tool for immersive storytelling, education and training; their support will empower more people to affect global change, give voices to the most vulnerable and provide access to new possibilities for the most marginalized."

"There are millions of untold stories in every crisis, especially on the front lines where much of our work takes place," said Corinne Woods, Director of Communications for the World Food Program. "HTC's support of new ways to tell important stories, and help in shaping innovation for the UN's sustainable development agenda, will build on the impact of our work and take it in new and exciting directions."

(Source: HTC Vive)

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