In Q4 2018, China’s third-party mobile payment grew by 7.78% to US$7 trillion in Q4 2018. Alipay (53.78%) and Tencent Finance (38.87%) combined had a total of 92.65% market share. The third-party internet payment market shrank by 3.48% quarter-on-quarter to US$0.94 trillion. The top 3 players accounted for 56.42% share of this market. 3rd-party mobile […]
China Payment Market (Online & Mobile Payment)
WeChat total daily payment transactions exceeded 1 billion in 2018
The increase in Tencent’s revenues in Fintech in 2018 was driven by its take-rate on commercial transactions collected from merchants, cash withdrawal fees and credit card repayment charges collected from users, and the service fees from financial institutions for the distribution of FinTech products such as WeiLiDai and the wealth management products on our LiCaiTong […]
China’s payment and online banking mobile app market overview in 2018
China’s top 3 online banking players accounted for 36.7% of the total monthly active users of the online banking industry in December 2018. UnionPay QuickPass saw a high growth of 289.9% in monthly active users. Alipay’s daily active users grew by 20.2% to 320 million thanks to its Wufu campaign. Both online banking and payment & […]
Alipay to start charging for credit card repayment in March 2019
Alipay announced yesterday it will start charging for its service of credit card repayment from 26 March. Alipay users can still enjoy the service for free for up to 2,000 yuan credit card repayment every month.
Post-60s and post-70s the main driving force in China’s outbound tourism consumption
Singapore emerged the 3rd largest market in Southeast Asia for Chinese tourists spending over Chinese New Year, with an increase of 34% in average spending per Chinese tourist, according to findings from Alipay on overseas spending and mobile payment behavior of Chinese consumers across the 54 markets where Alipay is accepted during the 2019 Lunar […]
Resorts World Sentosa enhances Chinese traveler experience with Alipay mini-program
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 […]
Huawei turning its smartphones to POS machines
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 Year in Review 2018
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).
China non-financial institutes handled US$8 trillion transactions in Q3 2018
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 […]
China online payment market down by 2.58% in Q3 2018
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 3rd-party mobile payment hit US$6.4 trillion in Q3 2018, led by Alipay & Tencent Finance
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 Pay to provide incentives to merchants in Jan 2019
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.