Consumption: Mainstay of the Economy and Key Driver of Growth

Yi, Shaohua; Xu, Guiyang

doi:10.1007/978-981-33-4054-1_10

Cited by 1 publication

(3 citation statements)

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“…Old traditional payment systems like banks have been restructured to compete with emerging structures by becoming electronic [1]. The increase in internet-based and mobile-enabled platforms has augmented the use of third-party payment methods, ultimately altering the consumption rates of goods and services [2]. China has different types of consumers, implying the impact of third-party payment methods varies across the populace.…”

Section: Research Backgroundmentioning

confidence: 99%

“…Communication is an essential factor in building trust among different parties, a principal E-payment methods have utilized to encourage their use, thereby promoting consumption among clients. For instance, both Alipay and WeChat have in-built platforms that allow communication between the buyer and the seller [2]. Through this feature, many traders can communicate with buyers and sway them on their fears or other additional doubt-raising factors.…”

Section: Increased Consumption Through Socializationmentioning

confidence: 99%

“…Ignorant E-payment users suffer greatly after unauthorized access drains their accounts, ultimately causing people to lose money irrecoverably. Additionally, E-payment methods encourage an impersonal business transaction, which increases the chances of being scammed, especially since third-party payment methods facilitate trade rather than holding transaction partners accountable [2]. Therefore, people can easily lose money by paying scammers with elaborate schemes to cheat money out of unsuspecting consumers.…”

Section: Perceived Risks Of Money Lossmentioning

confidence: 99%

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A Review of the Impact of Third-party Payment on Chinese Residents’ Consumption

Liang¹

2022

Advances in Economics, Business and Management Research

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The progressive emergence of different third-party payment systems in the recent past has increased transaction convenience, reduced costs, lowered financial restraints, and simplified access to one's money. The research on thirdparty payment and consumer behaviour has attracted more and more attention. Based on the current situation of the influence of third-party payment methods on Chinese residents' consumption, combined with existing research literature, this paper has sorted out the research results of third-party payment, third-party payment and residents' consumption research results. The results show that third-party payment methods such as WeChat and Alipay have significantly increased the consumption rate of some Chinese residents, mainly related to consumers' perception of increased security, loan choice and convenience. However, third-party payment methods have also exposed consumers to severe risks such as money loss with the ever-increasing issues of hacking, identity theft, fraud schemes, and scamming. They also increase spending habits while reducing saving tendencies, making them less appealing. A discussion and analysis of the impacts of third-party payment methods on the consumption of Chinese residents show they generally increase expenditure. The downside of the E-payment methods, like losing money via hacking, can be reduced with improvements to the systems to increase consumption rates.

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Section: Research Backgroundmentioning

confidence: 99%

Section: Increased Consumption Through Socializationmentioning

confidence: 99%

Section: Perceived Risks Of Money Lossmentioning

confidence: 99%

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