China's Third-Party Mobile Payment Transaction Volume Attained 120.3 tn Yuan in 2017

Source:iResearch November 05,201811:27 AM
In 2017, China’s third-party mobile payment transactions attained 120.3 trillion Yuan and its YoY growth was 104.7% in 2017, lower than the growth of 381.9% in 2016. The transactions increased steadily throughout the four quarters in 2017, and the growth rate was higher in Q1 and Q4 due to the Spring Festival and the Double 11 and Double 12 Shopping Festival.

In 2017, personal applications represented by transfer and credit card repayment took the largest share in mobile payment market by transactions. However, the share of personal application declined during 2017, while the share of mobile consumption represented by offline QR code scanning payment in online shopping expanded from 9.1% in Q1 to 13.0% in Q4 of 2017. iResearch holds the opinion that gradually forming people’s mobile shopping payment habits together with the linkage of online-offline shopping scenarios and mobile payment will further expand the share of mobile consumption in third-party payment market and mobile consumption will be a main engine to fuel the fast development of mobile payment in China.

In 2017, China’s third-party mobile payment market still had a high concentration rate. The two first-tier companies, Alipay and Tenpay, occupied nearly 94% of the market. Meanwhile, second-tier companies deepened their development in market segments. 1Qianbao attained fast growth of payment transaction thanks to its two promotions, 520 DAY and 920 Day, and its strengthened comprehensive financial account services for Pingan internally and externally; Umpay also presented continuous payment volume growth because of its platform development, smart products, chained businesses, international-based strategies as well as “payment + supply chain finance” comprehensive services; JDPay, meanwhile, ranked higher than before due to its rapid development in offline payment and other financial sectors; Lianlianpay had admiring growth in cross-border payment volume; 99Bill expanded its business to many scenarios like Wanda shopping malls, cinemas and cultural tours; Yeepay strengthened its marketing in Internet finance and travel; and Suning Pay put more effort in O2O development so as to offer convenient and safe online/offline all-scenario payment services to individual customers and business clients.

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