The third-party internet payment market in China showed no signs of picking up after its slump in Q2, which had been down from 6.96 trillion yuan (US$1.02T) in Q1 to just 6.54 trillion yuan (US$0.95T) in Q3. Alipay, UnionPay, and Tencent Finance combined accounted for 56% market share. China’s third-party internet payment market slid by […]
China 3rd-party mobile payment hit US$6.4 trillion in Q3 2018, led by Alipay & Tencent Finance
China’s third-party mobile payment grew by 11.52% to 43.8 trillion yuan (US$6.39T) in Q3 2018. Alipay (53.71%) and Tencent Finance (38.82%) combined accounted for 92.53%, leaving a small space for other players.
WeChat Pay to provide incentives to merchants in Jan 2019
WeChat is going to launch a new feature “Gifts upon payment” for WeChat Pay to get the small and medium merchants further engaged in January 2019. They can exchange those points with increased limits for balance withdrawal or VIP membership of Tencent Video, etc.
China mobile payment usage in Q3 2018; Tenpay (Tencent) the highest penetration
92% of mobile internet users in China used mobile payment in Q3 2018, a little decline compared with 92.4% in May, according to the report from Ipsos. The penetration rates of Tenpay (WeChat Pay + QQ Wallet) and Alipay were 84.3% and 63.6% respectively. Around 24% of Tenpay users never used Alipay while only 3.5% […]
China payment market overview in Q3 2018; 17 billion mobile transactions, up 74% YoY
In China, a total of 257.99 billion non-cash payment transactions were processed with a total amount of 925.46 trillion yuan (US$134.91T) in Q3 2018, an increase of 33.31% and 0.18% year-on-year, respectively, according to the report from the People’s Bank of China. Among that, e-payment transactions processed via banking institutions reached 45.24 billion with an […]
China accounted for 40% of world’s top 10 FinTech; led by Ant Financial & JD Financial
Chinese FinTech companies took four places of the Top 10 FinTechs Ranking in 2018. Ant Financial topped the list, followed by JD Finance. Baidu-affiliated Du Xiaoman Financial and Lufax ranked fourth and tenth, respectively, according to the report from H2 Ventures and KPMG.
China leads mobile payment adoption across Asia-Pacific
There has been much discussion about China’s mainland leading the world in mobile payment, but how advanced is it compared to other markets? Chinese mainland consumers like to use mobile payment even more than cash, which makes it a distant leader in mobile payment adoption among six APAC markets, according to a Lightspeed survey. As […]
59.9% of China mobile payment users bought financial products, Ye’E Bao the most popular
The mobile payment transactions totaled 14.92 billion with an amount of 62.88 trillion yuan (US$9.09T) in Q2 2018, an increase of 73.09% and 60.24% year-on-year, respectively. The mobile payment users were expected to reach 650 million by the end of 2018. The young are the major users of mobile payment. 59.9% of mobile payment users […]
China third-party mobile payment report H1 2018; Tenpay leads, followed by Alipay
92.4% of mobile internet users in China used mobile payment. The penetration rates of Tenpay (WeChat Pay + QQ Wallet) and Alipay are 85.4% and 68.7% respectively. In personal transactions, mobile payment was most frequently used in phone top-up (69%), money transfer (63%), and red envelope sending (60%). Check out more usage scenarios below. The […]
China saw 15 billion mobile payment transactions in Q2 2018, up 73%
In China, a total of 53.358 billion non-cash payment transactions were processed with a total amount of 951.72 trillion yuan (US$137.52T) in Q2 2018, an increase of 44.61% QoQ and 0.2% year-on-year, according to the report from the People’s Bank of China. Among that, e-payment transactions processed via bank institutions reached 43.77 billion with an […]
Alipay saw Golden Week overseas in-store transactions more than doubled in 2018
Alipay announced the overseas transaction summary for this year’s Golden Week (October 1-7). It processed 2.2 times as many overseas in-store transactions during this year’s holiday compared to last year. Top destinations by transaction volume are Hong Kong, Thailand, and Japan.
Factors of offline shopping in China, promotion sources, and memberships
The emerging e-commerce has a great impact on the traditional retail industry, which has slowed down its developing pace and started to arrange offline sales since 2017. Seamless integration of online and offline shopping has become a trend, more and more retailers think consumer experience and efficiency important. However, they need to know more about consumers in […]
Alipay partners with GTF to simplify tax refund for Chinese tourists
Alipay announced its partnership with Global Tax Free (“GTF”), a tax refund agency, to launch the world’s first paperless mobile tax refund function in South Korea. It simplifies the process by enabling Chinese tourists to apply for and claim tax rebates on their mobile phone app.
China’s mobile payment to reach 650 million users in 2018
The transactions of online payment in China totaled exceeded US$3 billion in 2017, with a decrease of 0.5% from 2016. China’s mobile payment had 562 million users in 2017, up by 21.6% over 2016. It is estimated to reach 650 billion users by the end of 2018. The transactions of online payment totaled 20.751 billion yuan […]
China mobile internet market forecast 2018-2020
China’s mobile internet saw slower growth of 48.8% in transactions to 8,229.88 billion yuan (US$1,267.10 bn) in 2017. And, it’s expected to reach 11,432 billion yuan in 2018 and exceed 19 trillion yuan in 2020. Check out some forecast into various mobile internet segments from 2018 to 2020, including shopping, payment, advertising, travel, and etc. […]