Alipay and Resorts World Sentosa (RWS) have deepened their strategic partnership to enhance the travel experience of Chinese visitors with the launch of a new RWS mini-programme available on the Alipay mobile application platform – the first of its kind in Singapore. RWS is also the first integrated resort outside of China to offer a […]
China Payment Market (Online & Mobile Payment)
Huawei is turning all its smartphones to Point-of-Sale (POS) machines based on the NFC technology, which means potentially hundreds of millions of POS machines. Merchants only need to activate online billing service to receive payment without any traditional POS machine or QR code. Huawei Pay made its debut on August 31, 2016, under a joint branding […]
WeChat sees 1.08 billion monthly active users in 2018, 63 million of which are senior citizens aged 55 years old and above. On average, WeChat users sent 45 billion messages and make 410 million audio/video calls every day (up 570% than 3 years ago).
The third-party comprehensive payment market picked up in Q3 after its sluggish start this year, which reached 54.94 trillion yuan (US$8.01T) with a growth of 7.99% quarter-on-quarter. Alipay, Tencent Finance, and UnionPay combined accounted for 87.5% of the total. China’s non-financial institutes that provide payment services processed around 54.94 trillion yuan-valued transactions in Q3 2018, an […]
The third-party internet payment market in China showed no signs of picking up after its slump in Q2, which had been down from 6.96 trillion yuan (US$1.02T) in Q1 to just 6.54 trillion yuan (US$0.95T) in Q3. Alipay, UnionPay, and Tencent Finance combined accounted for 56% market share. China’s third-party internet payment market slid by […]
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.
WeChat is going to launch a new feature “Gifts upon payment” for WeChat Pay to get the small and medium merchants further engaged in January 2019. They can exchange those points with increased limits for balance withdrawal or VIP membership of Tencent Video, etc.
92% of mobile internet users in China used mobile payment in Q3 2018, a little decline compared with 92.4% in May, according to the report from Ipsos. The penetration rates of Tenpay (WeChat Pay + QQ Wallet) and Alipay were 84.3% and 63.6% respectively. Around 24% of Tenpay users never used Alipay while only 3.5% […]
In China, a total of 257.99 billion non-cash payment transactions were processed with a total amount of 925.46 trillion yuan (US$134.91T) in Q3 2018, an increase of 33.31% and 0.18% year-on-year, respectively, according to the report from the People’s Bank of China. Among that, e-payment transactions processed via banking institutions reached 45.24 billion with an […]
Tencent’s revenues increased by 24% year-on-year, primarily benefiting from growth in payment-related services, online advertising, digital content sales, and cloud services. Operating profit increased by 22% year-on-year. Non-GAAP operating profit increased by 4% year-on-year.
Chinese FinTech companies took four places of the Top 10 FinTechs Ranking in 2018. Ant Financial topped the list, followed by JD Finance. Baidu-affiliated Du Xiaoman Financial and Lufax ranked fourth and tenth, respectively, according to the report from H2 Ventures and KPMG.
There has been much discussion about China’s mainland leading the world in mobile payment, but how advanced is it compared to other markets? Chinese mainland consumers like to use mobile payment even more than cash, which makes it a distant leader in mobile payment adoption among six APAC markets, according to a Lightspeed survey. As […]