Market Research Report
Payments in China 2017: What Consumers Want
|Published by||GlobalData||Product code||588424|
|Published||Content info||45 Pages
|Payments in China 2017: What Consumers Want|
|Published: November 30, 2017||Content info: 45 Pages||
China is the world's largest payment card market in terms of transaction value, accounting for US$13.3tn in 2017. This is followed by the US, the UK (US$1.1tn), Germany, and France. Cash, however, remains a popular payment instrument among Chinese consumers, especially in rural areas, accounting for 63% of the total payment transaction volume in 2017. One of the primary reasons for the dominance of cash is a consumer preference to keep track of their day-to-day spending.
High penetration of smartphones and the long history of contactless payments have created a unique opportunity for mobile proximity payments in China. Chinese consumers are accustomed to using mobile phones for payments. In an environment in which e-commerce giants and smartphone manufacturers have all launched NFC mobile payment solutions, mobile phone-based contactless payments are likely to prevail.
China is the largest e-commerce market in the world. In terms of transaction value, it grew at a CAGR of 31%. Domestic payment solutions Alipay and Tenpay collectively account for nearly half of the total e-commerce transaction value. International payment solutions are also strengthening their presence. PayPal, operating in China since 2005, has a market share of 10%. Other solutions such as Masterpass and Visa Checkout also have a presence in the market.
The report "Payments in China 2017: What Consumers Want", examines the consumer payments market in China, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless.
In particular, this report provides the following -
Companies mentioned in this report:China Construction Bank, Agricultural Bank of China, Industrial & Commercial Bank of China, Bank of China, Postal Savings Bank of China, China Merchants Bank, Bank of Communications, Citibank, People's Bank of China, China UnionPay, Visa, Mastercard.