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 Payment Market (Online & Mobile Payment)
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.
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.