I’m really surprised that the major credit card companies are not jumping into the mobile payment arena(similar to WeChat and Alipay). I think this is the future of consumer transactions.

I spent three months in China, and had 1 opportunity to use my credit card: booking a flight home. Everywhere else, I was out of luck. That forced me to use WeChat wallet and Alipay, and I got to say that the experience was really good. There’s so little friction to spending money and can be used for basically everything in China.

It must be way lower fees for everyone involved as well. I only need to do a single bank transaction for the month(loading my wallet) and then after that it’s just swapping credits. Perhaps that’s why cc companies are reluctant.