China’s third-party mobile payment grew by 11.52% to 43.8 trillion yuan (US$6.39T) in Q3 2018. Alipay (53.71%) and Tencent Finance (38.82%) combined accounted for 92.53%, leaving a small space for other players.
In Q3 2018, the third-party mobile payment grew to be a roughly 43.8 trillion yuan market in China. It bounced back to double-digit growth (11.52%) quarter-on-quarter after a permanent downturn that was partly influenced by the official crackdown on internet finance risks.
The multiple usage scenarios including e-commerce, food & beverage, air flights, and transportation, etc. help this market keep its growing pace, quick or slow.
Alipay continued to lead this market with a share of 53.71% in terms of transactions values. Great efforts have been made to acquire new users and get old users further engaged mainly by means of red envelope campaigns.
Tencent Finance followed behind with a share of 38.82%, expanding its user base in financial and offline transactions. That was profited from Tencent Finance-backed LiCaiTong that added pension funds to its fund offering and its aggregated customer assets surpassing 500 billion yuan at the end of Q3. Alipay and Tencent Finance combined accounted for 92.53% of this market, leaving a small space for other players.