China is leading the way on this front. Only 25% of respondents from China cited cash as the most often used form of payment, compared to 48% who cited e- or mobile wallets as being their top preference according to PayPal.
China’s third-party online payment market had total transactions of over US$820 billion in Q1 2017, led by Alipay (34.7%) and UnionPay, while mobile payment transactions reached US$2,761.78 billion in China, led by Alipay (53.7%) and Tencent Finance.
In 2017, China’s travelers are expected to take more domestic trips. “features of the attractions” is the top factor to decide where to visit. Alipay and WeChat appear to be the top payment options for future ticketings.
Over 45 million post-90s users in China signed up Alipay’s Huabei or Just Spend for online shopping payment according to a recent report by Alipay. This payment option serves as a virtual credit card for Chinese online shoppers on Alibaba’s Tmall and Taobao e-commerce sites.
Starting on 29 April 2017, users can easily rent a bicycle from one of the six leading bike-sharing companies in China via Alipay without installing additional mobile apps.
Yu’E Bao grows by over 40% QoQ in the first quarter of 2017 and totals 1.14 trillion yuan (US$170 bn).
The rapid growth of social networks and e-commerce platforms has transformed the way people communicate and transact around the world. Integrating digital payments into these growing networks and platforms has presented vast opportunities to drive economic opportunity, financial inclusion, transparency, security, and growth. In practically all countries individuals, businesses, and policymakers are recognizing these opportunities […]
The total transactions of third-party online payment in China totaled 19.2 trillion yuan (US$2.79 trillion) in 2016 with an increase of 62.2%; the growth is slowing down but will continue to grow to 26.9 trillion yuan (US$3.91 trillion) in 2019.
Alipay is in the stage of internal testing its own mini apps following the launch of WeChat Mini Apps on 9 January 2017.
China post-80s spent an average of 120,000 yuan(US$17,330) online in 2016; and, mobile payment accounted for 92% among China post-90s consumers.
Hongbao is an attractive tactic and often effective one for China internet companies to grow user base and engagement. And, it is one must-have activity among China internet users during Chinese New Year festival. Facing the coming Chinese New Year, Alipay is launching a special Hongbao campaign utilizing Augmented Reality to make it more interesting […]
One month after Alibaba Double 11 online shopping festival on Singles Day in China, Alibaba launched Double 12 online shopping festival on its C2C website Taobao.
China Third-party online payment market had a total transaction value of RMB 4.65 trillion in Q2 2016, with an increase of 6.5% QoQ according to Analysis.
The National Day holiday in China is the last holiday of the year and the longest one with 7 days starting on 1 October. China Railway is about to receive 110 million person trips during this year’s National Day holiday, an increase of 11.3% compared with 2015.
Alipay will start to charge service fee for cash withdrawal (balance transfer from Alipay account to bank deposit accounts) from 12 October 2016 as it announced earlier today.