![]() The leapfrogging of China's mobile payment reflects the underdeveloped social credit system in China. The penetration rate in Japan was only 27 percent. According to Ipsos statistics, the penetration rate of mobile payment in China was 77 percent in 2016, compared with rates in the United States, UK, Germany, and France of 48 percent, 47 percent, 48 percent, and 38 percent, respectively. The proportion of adults using mobile payment in China was as high as 76.9 percent in 2017, and even in rural areas the proportion was 66.5 percent. Some mobile payment platforms also evolved into large ecosystems, covering a wide range of businesses such as funding, financial management, credit reference and big data.Ĭhina has consistently ranked number one in mobile payment markets (whether in transaction volume or penetration rate) in the world. ![]() The share of mobile payment in total non-cash payment value rose from less than 1 percent in 2013 to 7.4 percent in 2018, and the share of mobile payment in the total number of non-cash payment transactions increased from 3.3 percent in 2013 to 27.3 percent in 2018. The number of mobile payment transactions reached 60.5 billion in 2018, rising by 61 percent from the previous year. The total transaction value jumped from RMB 14.5 trillion in 2013 to RMB 277.4 trillion in 2018, recording an annual growth rate of 80 percent (Figure 1). The number of active users of Alipay increased from a little over 100 million in 2013 to 900 million in 2018, and that of WeChat Pay grew from about 350 million to 1.1 billion. In recent years there has been a rapid expansion of China's mobile payment business, in terms of active users, number of transactions, and transaction values. And finally, the adoption of the QR code for mobile payment made it possible for any businesses, formal and informal, to use mobile payment service by simply printing out the code on a piece of paper. Third, the distribution of red (cash) envelopes on WeChat Pay during the Chinese New Year holiday in 2014 became almost viral and attracted hundreds of millions of new users. ![]() Second, the success of Ant Financial's money market fund Yu'E Bao significantly boosted awareness of, and enthusiasm for, the financial technology (fintech) industry, including mobile payment. First, the release of Apple's first iPhone in January 2007 marked the beginning of the new era of smartphones, making it possible to use mobile payment services anywhere, any time. ![]() A number of events played important roles in this development. Since then, mobile payments have grown at a truly astonishing pace. In retrospect, 2005 might be identified as the first year of China's mobile payment industry, with Alipay coming online at the very end of 2004. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |