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 Payment Market (Online & Mobile Payment)
69% of outbound Chinese tourists made purchases on their mobile phones in 2018.
The number of monthly active users (MAU) of WeChat increased slightly and reached 1,206.1 million in the second quarter of 2020. The peak engagements are right before lunch and after work.
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.
China’s mobile internet users reached 1.14 billion in Jun 2019; and, Tencent, Alibaba, Baidu, and ByteDance dominate China’s mobile app stores in the first half of 2019. WeChat continues to top the chart of mobile apps by monthly active users, followed by QQ, Alipay, Taobao, iQiyi, Tencent Video, TikTok, Gaode Maps, Sogou Input, and Baidu […]
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 […]
Alipay shared a study on the spending habits of Chinese visitors on the payment app over the Labour Day holiday (1–3 May) this year. The number of Chinese visitors in Singapore over the Labour Day holiday period almost doubled from last year.
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 […]
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 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 & […]