30 Under 30 – Gen Z Fintech Founders: Redefining Digital Payments in China
How Wang Hui, a 26-year-old entrepreneur, is building inclusive payment solutions for rural China’s digital economy.
📝 By Sophia Malik | International Finance Writer
From Village Markets to Digital Wallets
Wang Hui (26) grew up in Henan province, where weekly markets were the heart of village life. Farmers sold vegetables with cash, shopkeepers tallied notebooks by hand, and many elders never owned a bank card. When Wang moved to Shanghai for university, he was stunned by the ubiquity of Alipay and WeChat Pay. “It felt like two Chinas,” he recalls. “One fully digital, one left behind.”
This realization planted the seed for PayGo, the fintech startup Wang founded at age 23. His mission: to bring QR-based micro-payment solutions to rural and semi-urban communities that had been excluded from the cashless revolution.
Building PayGo: Simple, Cheap, Inclusive
Unlike big-city platforms that require smartphones with the latest features, PayGo works on low-cost devices and even supports offline transactions for areas with poor connectivity. Street vendors and small farmers can register with just their ID card, receive a QR code, and start accepting digital payments instantly.
Within three years, PayGo has onboarded over 200,000 small merchants in Henan, Anhui, and Sichuan. The model resonates with Beijing’s call for 普惠金融 (inclusive finance)—making financial services available to all citizens, regardless of income or location.
Gen Z’s Different Approach
Wang Hui represents a new kind of entrepreneur. Unlike earlier tech founders who focused on scale and profit, his generation emphasizes social impact and equality. “For us,” he says, “success is not how many billions you raise, but how many farmers can sell their produce without worrying about fake bills or lack of change.”
This mindset echoes Confucian values of community responsibility, updated for the digital age.
Recognition and Challenges
PayGo has attracted attention from regional governments, which now use its platform to distribute subsidies directly to farmers. In 2023, Wang Hui was listed in Forbes China 30 Under 30 – Finance Category.
But challenges remain. Competing with giants like Ant Group and Tencent is daunting, and building trust among elderly villagers is slow work. Some still prefer cash, fearing digital fraud. To overcome this, PayGo runs digital literacy workshops in villages, teaching seniors how to use payment apps safely.
The Future of Rural Payments
Wang’s ambition goes beyond QR codes. His team is piloting blockchain-based settlement systems to ensure transparency in government aid distribution. He is also exploring cross-border payments for migrant workers sending money home from Southeast Asia.
His broader vision aligns with China’s Digital Silk Road initiative, positioning rural fintech not as a domestic fix but as part of a global strategy.
A Voice of His Generation
On his office wall, Wang Hui keeps a quote from Premier Li Keqiang: “Small vendors, street stalls, and farmers are the lifeblood of China’s economy.”
For Wang, fintech is not about chasing unicorn status but about empowering those lifeblood communities. “If my app helps a grandmother in Henan sell vegetables more easily,” he says, “that is worth more than any IPO.”
