China's Third Party Online Payment GMV Soared 62.2% in 2016

Source:iResearch February 03,20176:33 AM
According to data from iResearch, the GMV of China’s  third partyonline payment attained 19 trillion Yuan in 2016, soaring 62.2% from 2015. The GMV of third party mobile payment was estimated to hit 38 trillion Yuan in 2016, skyrocketing 215.4% from 2015. 

The GMV of China’s third party online payment has attained 19 trillion Yuan in 2016. It YoY growth was 62.2%, much higher than the growth rate of 46.9% in the previous year.

iResearch believes that in spite of the fast development of mobile payment, online payment still maintained steady growth, which can be attribute to the booming of internet finance sector. The payment channels of e-commerce, online travel, gaming and other traditional sector shifted from online payment to mobile payment. Meanwhile, the newly born industries led by Internet finance were in their developing stages with admiring growth rate and took online payment as their main payment channel. Actually, internet finance has occupied a share larger than 50% among all the internet market segments, and became the main driving force of the growth of online payment. Thus, a lot of medium- and small-sized platforms are now actively exploring market segments such as internet finance and consumer finance. 
In 2016, the GMV of China’s third party mobile payment was estimated to reach 38 trillion Yuan. It YoY growth rate is assumed to be 215.4%, much higher than the growth rate of 103.5% in 2015.

iResearch holds the opinion that the GMV of online payment among virtual accounts rocketed up in 2016, for the WeChat Red Pocket and Fu collecting activity on AliPay encouraged users to communicate with each other via these tools more frequently. Meanwhile, a significant increase was seen in the penetration rate of internet finance among high quality financial asset providers in traditional financial industry, such as banks and insurance companies. Given that more PC users started to use mobile phone nowadays, the financial reports of e-commerce and gaming companies showed a trend that mobile business boomed up in the past years. Under the background, the GMV of third party payment was influenced, and the mobilization trend was more and more obvious. 

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