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 Payment Market (Online & Mobile Payment)
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).
Tencent and Starbucks announced strategic cooperation in Guangzhou today; and from today on, WeChat Pay is available in about 2,500 Starbucks stores in China.
China’s mobile internet market reached RMB 197.22 billion (USD 29 billion) in Q2 2016, an increase of 113% YoY or 22.7% QoQ according to iResearch.
Google launched Android Pay yesterday in Hong Kong to speed through purchases in stores and in apps.
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.
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.