The number of online payment users in China exceeded 854 million as of December 31, 2020, according to a CNNIC report, accounting for over 86% of internet users. Mobile online payment users grew to 852.52 million in 2020, representing 86.5% of mobile internet users. Third-party Payment Market China’s third-party mobile payment market grew by 8.8% […]
China Payment Market
69% of outbound Chinese tourists made purchases on their mobile phones in 2018.
330 million of WeChat’s (known as Weixin in China) 1.225 billion monthly active users use video calling. 780 million users are on the social networking section WeChat Moments and 120 million publish updates. The content network WeChat Official Account has 360 million users.
Pinduoduo’s reported fourth-quarter revenue topped analyst estimates, as China’s social e-commerce platform pledged to make basic necessities more affordable and set a goal to become the world’s top grocer.
Forbes released the year 2021 version of Forbes Blockchain 50, from eligible companies with at least $1 billion in revenues or be valued at a minimum $1 billion.
China’s first online order by Digital Currency Electronic Payment (DECP) was made by a Suzhou online shopper at JD.com on December 11, right after Suzhou’s government kicked off the Double 12 shopping festival and issued RMB 20 million DCEP in partnership with The People’s Bank of China, the central bank of China. The DCEP payment […]
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 […]
China’s central bank People’s Bank of China released the overall situation of payment system operation in the second quarter of 2020. The number of ATM cards issued in use nationwide was 8.658 billion, up 1.52% month on month. There are 6.18 bank cards per capita in China. In the second quarter, there were 30.141 billion […]
By March 2020, the number of online payment users in China has reached 768 million, an increase of 168 million over the end of 2018, accounting for 85.0% of the total Internet users. The number of mobile online payment users has reached 765 million, an increase of 182 million over the end of 2018, accounting […]
In the fourth quarter of 2019, China’s third-party mobile payment transactions reached 59.8 trillion yuan (US$8.56 trillion), with a year-on-year growth rate of 13.4%. The proportion of mobile consumption in China’s third-party mobile payment increased to 24.5% in Q4 2019 from22.2% in Q3 2019. Alipay and Tenpay continued to dominate the third-party mobile payment in […]
The gap between residents of second-tier and third-tier cities and those from first-tier cities is rapidly narrowing in terms of per capita outbound destinations, travel expenditure, and travel budget according to a report from Nielsen.
Alipay has just introduced a version of its popular app designed specifically for international travelers to enjoy the ease of paying with their smartphones while visiting mainland China. And, no local mobile number or bank account is required.
The number of mobile payment users has reached a saturation point, and the growth is drawing to a close. According to an Ipsos survey, the penetration rate (i.e. ratio of users using the service within the last three months) is 95.1%. Although a relatively high growth rate as compared to the survey result of December […]
The competition pattern of “duopoly” is still solid, while the competitiveness of UnionPay, a state-owned player, is improving. The penetration rates of Tenpay, inclusive of WeChat Pay and Mobile QQ Wallet, and Alipay are 89.2% and 69.5% respectively, with the number of estimated users reaching 940 million and 740 million respectively, according to an Ipsos […]
Market penetration of payment and settlement applications in China reached the highest point in December 2018 with an average DAUs of 157.9 million. Alipay is the distant leader with a penetration of 55.2%. Market penetration of payment and settlement apps reached 61.3% in December 2018, with an increase of 16.3% year-on-year. Its average DAU increased […]
On average an outbound Chinese tourist plans to spend US$6,706 traveling overseas in 2019, up 15% from 2018. Product quality became the second most important factor to consider when shopping abroad. 69% of outbound Chinese tourists made purchases on their mobile phones in 2018. Chinese citizens made a total of 149.72 million outbound visits in […]