China Third-party online payment market had a total transaction value of RMB 4.65 trillion in Q2 2016, with an increase of 6.5% QoQ according to Analysis.
China Payment Market (Online & Mobile Payment)
Mastercard announced a strategic partnership in the Shanghai Free Trade Zone (SFTZ) where Mastercard will be the global network and payment technology provider for a revolutionary commodities trading platform.
China’s mobile payment ecological environment has become more mature; mobile payment penetration rate among China internet users reached 64.7% according to Caohan Ping, deputy general manager of the internet finance department in Bank of China, at a finance forum last week.
China’s third-party internet payment transactions reached 4,058.43 billion yuan (USD 609.93 billion) in Q1 2016 with a year-on-year growth rate of 67% according to iResearch.
China users in 21 to 29 age group from the first-tier and the second-tier cities are the main mobile payment users, accounting for 43%, followed by users in 30 to 39 age group (30%) according to eMarketer.
China proximity mobile payment users doubled in 2015 and there will be 195.3 million smartphone users using proximity mobile payment in 2016, an increase by 45.8%, according to eMarketer.
Emerging markets are leading the way with smartphone users in China (45.0%), India (36.7%) and Singapore (23.3%) Asia Pacific’s biggest adopters of digital wallets according to MasterCard.
The number of offline retail stores integrated with WeChat Payment has exceeded 300,000 according to data released in during a WeChat Payment partner conference.
China male consumers spent more on large purchases than female. 51% paid for over half of their online purchase on mobile end; and, mobile payment for virtual goods consumption increased by 6 percentage points higher in 2015 compared with the previous year according to China UnionPay.
Alipay and WeChat Pay are the two most popular mobile payment products in the market in China. Now, UnionPay is making a threat with mobile QuickPass and partnerships with ApplePay and SamsungPay.
The third-party mobile payment transactions exceeded 2.42 trillion yuan (US$0.37 trillion) in Q3 2015 with an increase of 5.4% compared to the same period last year and 64.3% compared to the previous quarter this year according to iResearch.
China’s mobile internet maintained a solid development in the third quarter this year, and the basic pattern of China’s mobile internet remained unchanged compared to the first half-year of 2015 according to TrustData.