By March 2020, the number of online payment users in China has reached 768 million, an increase of 168 million over the end of 2018, accounting for 85.0% of the total Internet users.
The number of mobile online payment users has reached 765 million, an increase of 182 million over the end of 2018, accounting for 85.3% of mobile Internet users according to CNNIC.
China's third-party mobile payment market grew by 2.3% to 56.7 trillion yuan in the first quarter of 2020, according to data from iResearch.
Mobile consumption dropped to 17.7% of total mobile payment in Q1 2020 due to the large-scale decline of offline QR code payment while the proportions of personal application and mobile finance both increased slightly.
It is estimated that the transaction scale of offline QR code payment market was about 6.6 trillion yuan, down about 31.1% on a month on month basis.
However, the reduction of the transaction is only due to the limited user payment behavior during...
Already subscribed? Sign in.
Don't Miss Out.
Invest with as little as one bottle of water per week.
Join other top analysts and business executives and navigate the unique market with China Internet Watch.
Cancel at any time