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.
Related: UnionPay Rising on Mobile Payment
54% respondents spent over 1,000 yuan (US$154.35) in shopping online each month and the consumption has been increasing year by year according to China UnionPay. The number of male buyers each of whom spent over 5,000 yuan (US$771.76) online were more than female users with 6 percentage points higher. Shanghai online shoppers spent an average of 2,000 yuan (US$308.70) online each month ranking first in China.
Mobile payment was quite common among China’s consumers. 82% respondents once used mobile phones to complete the payment and 51% paid for over half of their online purchases.
The young generation below 20 years old was interested in payment through the mobile wallet and other apps. Mobile payment for physical offline goods reached 33%. Mobile payment for virtual goods consumption increased by 6 percentage points higher in 2015 compared with the previous year.
Mobile safety became even more crucial this year. About one-eighth encountered network fraud with 6 percentage points higher compared to 2014. Nearly 50% were cheated on social accounts. Major scams were viruses, phishing websites, false base-station smishing (pretending as China Mobile and like). 20% respondents lost more than 2,000 yuan from online scams.
Nearly 90% respondents thought it necessary for mobile payment to equip certain verifications before payment transactions which indicated that security must be the priority for mobile payment. 76% used to verify via mobile phone verification code and the ratio increased by 12 percentage points over 2014.
Nearly 70% used dynamic verification code to protect payment security in each online transaction. About 20% set maximum payment limit of SMS verification reflecting cardholders’ different payment scenarios demand. Given that innovative payment, the willingness to use innovative payment among consumers who encountered scams were 4 percentage points lower than those who didn’t suffer such fraud.
Also read: China E-Payment Insights 2015