Total transactions of China mobile banking clients totaled 55.63 trillion yuan (US$8.44 trillion) with an increase of 5.1% QoQ. China Construction Bank (26.1%) and Industrial and Commercial Bank of China (21%) combined account for close to half of China’s mobile banking market in Q2 2017. Check out mobile payment usage report here…. Log in or […]
China Payment Market (Online & Mobile Payment)
China is leading the way on this front. Only 25% of respondents from China cited cash as the most often used form of payment, compared to 48% who cited e- or mobile wallets as being their top preference according to PayPal.
Chinese consumers spent US$5.5 trillion via mobile payment platforms in 2016, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw its active mobile payment accounts exceed 600 million users per month.
“Direct model” payments on online and mobile payment platforms will be replaced by a “network model” operated through the People’s Bank of China (PBOC) network platform, with all direct payments to cease by June 30, 2018, according to a new notice promulgated on August 4th.
The Chinese Ministry of Commerce (MOFCOM) views the fast-moving consumer goods (FMCG) market and industry in China with increasing optimism going into the second half of 2017. On the backs of China’s ongoing supply side reforms, MOFCOM sees an upswing in innovation and internal market development. 2016 saw a rapid increase in the number of […]
China’s third-party online payment market had total transactions of over US$820 billion in Q1 2017, led by Alipay (34.7%) and UnionPay, while mobile payment transactions reached US$2,761.78 billion in China, led by Alipay (53.7%) and Tencent Finance. The total transactions of China’s third-party online payment market were 5,584.831 billion yuan (US$820.03 billion) in the first […]
The rapid growth of social networks and e-commerce platforms has transformed the way people communicate and transact around the world. Integrating digital payments into these growing networks and platforms has presented vast opportunities to drive economic opportunity, financial inclusion, transparency, security, and growth. In practically all countries individuals, businesses, and policymakers are recognizing these opportunities […]
The total transactions of third-party online payment in China totaled 19.2 trillion yuan (US$2.79 trillion) in 2016 with an increase of 62.2%; the growth is slowing down but will continue to grow to 26.9 trillion yuan (US$3.91 trillion) in 2019.
China internet users totaled 731 million as of Dec 2016, an addition of 42.99 million from Dec 2015. Internet penetration rate reached 53.2%, up 2.9 percentage points from 2015.
The People’s Bank of China recently released the payment business statistics for 2016. The country handled a total number of 125.111 billion non-cash payment transactions with the amount of 3,687.24 trillion yuan.
China post-80s spent an average of 120,000 yuan(US$17,330) online in 2016; and, mobile payment accounted for 92% among China post-90s consumers.
78% respondents said they used mobile payment in 2016. 62% use mobile payment at least once a weekly (53% in 2015); 24% at least once a month (down from 50% in 2015).