The transactions of online payment in China totaled exceeded US$3 billion in 2017, with a decrease of 0.5% from 2016. China's mobile payment had 562 million users in 2017, up by 21.6% over 2016. It is estimated to reach 650 billion users by the end of 2018.
The transactions of online payment totaled 20.751 billion yuan (US$3.03 bn) in 2017, decline by 0.5% from 2016.
While the transactions of mobile payment reached 20.29 billion yuan (US$2.96 bn) in 2017, increased by 28.8% from 2016.
Alipay and Tenpay combined accounted for 90.6% of China's third-party mobile payment in Q1 2018, 49.9% of which was taken by Alipay.
Chinese prefer using mobile payment than paying in cash almost in every aspect of daily life. To be specific, mobile payment appears to be the top option for shopping (54.1%) and utilities (51.4%) in China.
Overall, over half of Chinese netizens like to use Alipay in online shopping and WeChat Pay in offline shopping.
Mobile payment ...
Already subscribed? Sign in.
Don't Miss Out.
Invest with as little as one bottle of water per week.
Join other top analysts and business executives and navigate the unique market with China Internet Watch.
Cancel at any time