China’s mobile payment ecological environment has become more mature; mobile payment penetration rate among China internet users reached 64.7% according to Caohan Ping, deputy general manager of the internet finance department in Bank of China, at a finance forum last week.
China users in 21 to 29 age group from the first-tier and the second-tier cities are the main mobile payment users, accounting for 43%, followed by users in 30 to 39 age group (30%) according to eMarketer.
The number of mobile online shoppers in China reached 448 million; and, mobile accounts for over 70% of total online shopping transactions.
Chinese consumers not only browse and buy at mobile shopping apps such as Tmall App, Taobao App, and JD App, but also purchase offline and make mobile payment via WeChat Payment and Alipay. Almost all retail stores, large and small, accept either WeChat Payment, Alipay, or both.
China proximity mobile payment users doubled in 2015 and there will be 195.3 million smartphone users using proximity mobile payment in 2016, an increase by 45.8%, according to eMarketer. Read more here.