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
In China, most consumers use Alipay or WeChat Pay mobile app for payment. Mobile payment penetration rate is about 95.1%. State-owned UnionPay leads the rest of payment platforms.
69% of outbound Chinese tourists made purchases on their mobile phones in 2018.
What you should know about WeChat in 2021
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 revenues almost doubled in 2020; more active buyers than Alibaba
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.
7 Chinese companies made it to Forbes Blockchain 50 list in 2021
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 saw first online payment using Digital Currency Electronic Payment
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 […]
S&P Global: Bank disruptors doubling down on mobile payments in China
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 saw over 30 billion mobile payment transactions in Q2 2020, up 27%
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 […]
China’s mobile payment market overview Q1 2020
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 […]
China third-party mobile payment market overview in 2019
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 […]
Mobile payment trends in China outbound tourism
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.
Are you a foreigner visiting China? You can now use Alipay
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.
China mobile payment market overview 2019
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 […]
China’s top mobile payment apps compared: Alipay, Tenpay, Unionpay
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 […]
Top mobile payment apps in China in 2018
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 […]
Outbound Chinese tourists mobile payment usage 2019; average spend US$6,706
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 […]