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.
Alipay mobile client released a function today to allow users to generate and check the annual spend statement in 2016; and, it generates a poster-like image to share in social media. Many users shared on WeChat and Weibo.
Alipay has 450 million verified users in 2016 according to Alipay; mobile payment accounted for 71% of total payment, comparing to 65% in 2015. Guangdong province ranks first in 2016by total annual payment, accounting for 16% and followed by Zhejiang and Jiangsu.
Related: Alipay is launching a special Hongbao campaign utilizing Augmented Reality to make it more interesting and engaging. Read more here »
Shanghai ranks first by total annual average online payment per person (148,000 yuan or US$21,400), followed by Zhejiang, Beijing, Fujian, and Jiangsu (each over 100,000 yuan).
Chinese millennials are the main forces of online payment market. Chinese post-80s, those born between 1980 and 1989, made an average online payment of 120,000 yuan (US$17,330) per person in 2016. 92% of post-90s’ online payment came from mobile.
Ant Check Later (or huabei, working like a virtual credit card), another consumer credit product from Alipay’s company Ant Financial, has about 100 million users; 86% are millennials. 3.2 billion online transactions used Ant Check Later in 2016, an increase of 344% over 2015.
As of 31 Dec 2016, over 60% of Alipay finance management users come from tier-3, tier-4, tier-5 and rural areas. Over 330 million users bought internet insurance service on Alipay in 2016.
Also check out China Online Payment Overview 2016 »