The total transactions via non-finance institutions in China totaled 42,167.92 billion yuan in Q3 2017 with an increase of 17.4% QoQ according to Analysis. This market is led by Alipay, Tencent Finance, and China UMS with 41.36%, 29.07%, and 13.41% market share respectively. China third-party internet payment market saw 6,381.551 billion yuan transactions in Q3 2017 […]
A survey by Nielsen shows that for Chinese tourists who are generally well-off, tourist attractions and the travel experience are more important factors than the costs that might be incurred. 56% of the respondents expressed that the beauty and uniqueness of a given destination is their primary consideration, while 47% stated that safety of the […]
The Big Picture of Mobility: 2017 Deloitte China Mobile Consumer Survey is an online survey conducted by Deloitte China TMT industry during the past five years. The survey focuses on consumer behaviors, trends, and opinions regarding a broad range of wireless and mobility products and services.
More than three-quarters (76.3%) of smartphone users (461.4 million) in China will use phone payment for goods and services at the point of sale (POS) in 2017 according to eMarketer, raising its projections by more than 86.0%.
Online banking in China has suffered badly at the hands of online and mobile payment providers over the past few years. In the second quarter of this year, transaction volumes fell for the first time ever.
Internet and mobile payment services have spread like wildfire in China over the last two years, filling the gap which existed in the formerly cash-dominant society for the safe and secure transfer of money and electronic payments. China has only a very limited credit and debit card infrastructure, offering an opening for mobile payments unseen […]
Digital or electronic payments have become the go-to method for many consumers in China to pay for purchases and transactions, online or offline. Coming into the digital age with only a limited credit and debit card infrastructure outside major cities, China leapfrogged straight to mobile payments from cash, pushing the trend further than is seen […]
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…. Already subscribed? Sign […]
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 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.