The Chinese market for mobile payment offers not only market opportunities for solution providers intending to operate within the domestic market but also learning points for global mobile payment solution providers. China is a unique case study that can showcase to the world that cashless societies are becoming increasingly possible. Already, 40% of Chinese users carry less than RMB¥100 (US$15) in cash and mobile payment has become common among Chinese citizens.The lack of history of credit card use and wide adoption of e-Commerce has facilitated the quick expansion of mobile payments in China. Alibaba, through its dominance in e-Commerce, and Tencent, through its mobile social media and messaging platforms,
This study analyzes mobile payment services in China. The time frame covered is 2017 to 2022, and the forecast period is from 2018 to 2022.
Companies mentioned in this study include, but are not limited to, 1 wallet, Alibaba Sesame Credits, Alipay, Baidu wallet, Baihang Credit Scoring, Inspiry Technology, Meituan wallet, Tencent Credit, UMF, Union Pay, WeChat, Xiaomi wallet, and Yiqianbao.
Key Issues Addressed
- What is the scope of mobile payment services in China? What are the capabilities being offered via mobiles?
- Who are the key market players and what are their service offerings?
- What is the revenue upside and how can payment capabilities in apps improve the efficiency of business processes and reduce manpower requirements?
- What are the risks of implementing a mobile payment service? What are the updates on the governing local regulations and standards?
- Why are global, standard, and inter-operable digital payment solutions needed to expand the mobile payment market and facilitate a cashless society?
Author: Mei Lee Quah