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.
Top China Internet Stats 2017
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.
China’s mobile payment transactions almost doubled in 2016
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 avg of US$17K online in 2016
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.
Top mobile payment scenarios in China: restaurants, taxi, fast food
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).
Starbucks starts accepting WeChat Pay
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 overview for Q2 2016
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.
Android Pay launched in Hong Kong
Google launched Android Pay yesterday in Hong Kong to speed through purchases in stores and in apps.
China online payment overview for Q2 2016
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 brings digital payment technology to Shanghai Free Trade Zone
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.
More than 6 out of 10 China internet users pay by mobile
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 third-party internet payment exceeded 4 trillion yuan in Q1 2016
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.
43% China mobile payment users are 21-29 years old in top cities
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.
Nearly half China smartphone users to use proximity mobile payment by 2020
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.
Three quarters of people in China are shopping on smartphones
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.