In a significant move to facilitate foreign visitors in China, Ant Group and Tencent have announced new developments in their mobile wallet services, Alipay and WeChat Pay, respectively.
China Payment Market
69% of outbound Chinese tourists made purchases on their mobile phones in 2018.
Pinduoduo Inc., the Chinese e-commerce giant, has announced its unaudited financial results for Q1 2023, revealing significant growth and a new initiative to foster high-quality growth and strengthen its ecosystem.
The Digital RMB app, which is China’s CBDC, has recently launched an express payment feature on WeChat Pay. The app is currently in a pilot phase and enables users to pay using their digital currency wallet, including the Alipay digital currency wallet. Users need to register with the same phone number associated with their WeChat […]
In 2022, the total views of the original content on WeChat Channel (video account) increased by 350% year on year, and the scale of live broadcast increased by 300%, according to WeChat’s data released on 10 January 2023.
WeChat Pay has officially implemented mutual recognition and mutual scanning of offline QR codes with UnionPay’s Flash app. Users can scan WeChat payment codes through the UnionPay Flash payment app in provincial capitals across the country to complete payment.
The third-party mobile payment transactions in China increased to 74.0 trillion yuan in the first quarter of 2021, a year-on-year increase of 39.1%, according to data from iResearch. iReserarch forecasts China’s third-party mobile payment market would reach 74.2 trillion yuan in the second quarter of 2021. China’s third-party mobile payment is mainly composed of three […]
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 […]