Published on : Sep 07, 2017
Albany, New York, September 7, 2017: China, the world's most populous country also has the largest and fastest growing online population. The growing trend of being digital and shift towards cashless transactions has reached at a high level in China. According to the latest study titled “China- Payment Preferences- August 2017”, mobile payments are now the top payment method in China. The study has been recently added to the wide repository of Market Research Hub (MRH) and offers a systematic and insightful analysis of payment preferences in the scope of the study, which covers marketers' efforts, trends, marketing approaches and consumer behavior in China. In addition, opportunities, issues, and important market factors are also outlined in the report.
China has become the best spot for mobile payment methods. Mobile payments have the highest market share in China compared to its global counterparts and the market will continue to grow in tandem with the popularity of retail e-commerce. Even cash has become the second most used payment method. High earners in tier two to three cities deserve more attention as they have shown the strongest willingness to move towards cashless. The mobile payment space has become severely competitive, with both market leader Alibaba and messaging giant WeChat scrambling for valuable market share.
The report comprises of an executive summary that a brief overview of the current scenario. As per the consumer's perspectives, mobile payment is now the top payment method. The number of transactions made through online payments in China is growing rapidly, beating new records every year. In terms of usage rate, Alipay Wallet usage twice that of WeChat Wallet. In recent years, Alipay used to dominate the market for third party payment providers by far. It has been also identified that Alipay and WeChat Wallet are competing on different dimensions. The usage rate of mobile payments was only 1 percentage point higher than that of credit cards in 2015. After just one year, transaction values via mobile payments has already doubled that via credit cards.
With an extensive forecast till 2022, the research analyzes best and worst-case forecast of total payment market value in China, and Share of third-party online and mobile payments among total market, for the period 2012-2017. As per the findings, mobile payments estimated to exceed PC online payments in 2017, and are further projected to reach RMB 726 trillion until the end of 2022. Some of the major market drivers analyzed in the study are penetration of smartphones, Habit formed while incentives continue and growing female high earners in their 20s who are most willing to go cashless.
Key players in the market are taking a step further to a cashless society. The following section of the report presents detail on competitive strategies, innovations and trends. As per the study, top five players remain unchanged in third-party online payments.
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