On local context of one hugely successful business model

I recently attended a Fintech event here in Hong Kong, and listened to a panel of experts talking about Mobile Payments. At some point, a familiar theme has dominated this interesting discussion: the Chinese consumers leading the world in terms of using mobile payments (among other things they are leading the world in mobile space).

Supposedly rhetorical questions quickly followed, as expected: If this can be so simple in China, why does it have to be so complicated in the Western World? And Why do we have to leave home / travel abroad with (physical) wallets full of plastic? Or Why are we still swiping, entering PINs, and (horror!) signing on slips of paper?...

The merciful panel of experts didn't open fire at those responsible, though attentive listeners could have caught a few between-the-liners pointing at the usual suspects... Banks, why are you making things so difficult to your customers?... Regulators, why wouldn't you make lives easier for all the banked consumers out there?...

Look at Chinese consumers: hundreds of millions are using just one mobile app for all sorts of transactions and payments -- not just for chatting. Can't we?!?

The said mobile app (and, need to give it to them, a few other) has been hugely successful. Consumers were given an all-in-one tool that works charms in so many facets of their lives. The business model -- linking a behemoth eco-system of legal entities and individuals on both supply and demand side, and offering the benefit of convenience to all -- is an unquestionable success.

In China.

In most developed markets, consumers are spoilt with choices when it comes to banking services -- and have been for quite some time. That includes relatively easy access to multiple credit cards that one can use interchangeably to enjoy specific benefits offered by card issuers. Yes, using plastic is less convenient than tapping&touching. But for many consumers, that's the price they are willing to pay for retaining the freedom of choice -- and, the said perks -- they are so used to. The idea of using just one mode of payment for all transactions sits squarely on the opposite side of the spectrum. Similarly, registering all your credit cards with just one mobile app may be a less appealing proposition (see below).

In most developed markets, consumers are increasingly aware of the (tangible) value of their privacy. Without exception, all major players in Consumer Technology space have been, are being, or will be accused of abusing petabytes of users data they constantly collect through gazillions of touchpoints. Consumers are concerned with what service providers do with their data, and thus, increasingly more people think twice before surrounding their personal information. The idea of one business entity collecting and having access to almost all information about one's life is something that more and more 'Western consumers' seem to have a problem with.

The XXI century's world may be a global village -- Internet does it to all of us, and we love it and hate it at the same time. Still, cultural differences that constitute foundations of today's consumer societies, often make cross-pollination of some business ideas a no-go. In extreme cases, forcing such ideas on consumers can lead to spectacular failures. You don't want to cross-breed a hedgehog and a snake -- even if you are in the business of manufacturing barbwire.

I can already hear the rumble of protests... Let's have a conversation!