[nichtich]

The success of AliPay and WeChat Pay is mostly the result of a good banking infrastructure. Even before these services popping up, you already can transfer money from any bank to another bank instantly and with no fee (or a small fee, depending on the bank and your account type). PBoC has been pushing banks to make interbank transfer efficiently and cheaply for years. The new mobile payment systems just use the already built infrastructure and replaced the ugly out of date bank webpages with cute looking apps and also greatly relaxed security so you don't have to keep the 2fa usb key with you anymore.

[mcv]

Instantly, so the money is on the new account directly? It's always surprised me that transfers still don't happen that way in Europe. But feeless transactions from any bank to any other bank also exist in Europe, and have existed for a long time within many European countries. So that's hardly unique to China. Yet we still pay mostly by debit card with pin.

But reduced security doesn't sound like a very good idea.

[markvdb]

The European payments council is working on "instant" SEPA transfers, within ten seconds. The first applications are expected in 201711.

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... https://en.wikipedia.org/wiki/Single_Euro_Payments_Area

[nichtich]

Yes, usually the money appear on the new account in < 1 minute. To facilitate this central bank setup clearing systems that every bank connects to.