Users of most payment platforms reported high engagement for mobile payments (around 90% considering the margin of error), with Du Xiaoman Pay users being a notable exception (80%). WeChat Pay users appeared to be evenly distributed across all ages, but QQ Wallet users skewed younger.
A pair of big technology firms has further consolidated its position in China's mobile payments market as the ongoing pandemic accelerates the consumer shift toward digital platforms.
Ant Group Co. Ltd., which plans to go public, and Tencent Holdings Ltd. continue to hold the lion's share of the mobile payments market in China, based on the 2020 edition of the Asia Consumer Insights survey from Kagan, which is part of S&P Global Market Intelligence.
Each of their payment apps saw a 95% adoptio...
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