In 2014, total transaction value of China mobile payment market exceeded RMB599.247 billion(US$97.628 billion) with an increase of 391.3% from last year according to data of iResearch.
On 12 February 2015, People’s Bank of China announced China’s Payment Market Report 2014. The report showed in 2014, the total transaction volume and value of non-cash business were 62.752 billion and RMB1,817.38 trillion (US$294.70 trillion) with YoY growth rate of 25.11% and 13.05% respectively.
Among all the transactions, e-payment business is still keeping rapid growth as well as mobile payment. In 2014, total transaction volume of e-payment was 33.333 billion, worth RMB1,404.65 trillion(US$227.78 trillion) in China. Besides, the transaction volume and value of e-payment increased by 29.28% and 30.65% from the same period of prior year.
The transaction volume and value of mobile payment were 4.524 billion and RMB22.59 trillion (US$3.66 trillion) with YoY growth rate of 170.25% and 134.30% respectively in 2014 in China.
In 2014, total transaction volume of online payment from payment agencies was 37.422 billion, worth RMB24.72 trillion (US$4.00 trillion) in China.
In 2013, the growth rate of mobile payment market was 707% from 2012; and in 2015, China mobile payment market growth will slow down. The transaction value is expected to exceed RMB18 trillion in 2018.
Alipay and Tenpay accounted for 93.4% market share in China mobile payment market in 2014. In mobile payment times in China, provider who owns the most users covering various scenarios control the market. Supported by online shopping market, Alipay is growing more and more strong. See more about Alipay’s growth: Over 42.3 Bln Transactions on Alipay in 10 Years
Benefiting from WeChat Pay, Tenpay got its prosperity in 2014. Alipay, WeChat and Weibo are competing for the market share with Hongbao War, see their performance here.
Mobile shopping’s market share in China mobile payment market increased to 23.4% in Q4 2014.
Tencent’s large number of users provide a solid base for QQ Wallet’s development. Users can use QQ Wallet to top up mobile phone accounts, purchase movie tickets, QQ membership, and pay for mobile games etc. Read more about Tencent Got More Than WeChat Payment to Compete with Alipay on Mobile