China's Third-Party Mobile Payment Transactions Rose 22.6% in Q2 2019

Source:iResearch October 17,20198:29 AM
In the second quarter of 2019, third-party mobile payment transactions reached 55 trillion Yuan in China with a growth of 22.6% year on year. Since the first quarter of 2018, year-on-year growth of third-party mobile payment transactions have decelerated. iResearch views that mobile payment has stepped into steady development stage from rapid growth stage with the forming of mobile payment habit and increasing coverage of mobile payment scenarios. 
In the second quarter of 2019, mobile consumption segmentation had an outstanding performance due to 6.18 Shopping Festival and its share in third-party mobile payment market rose to 21.4% from 19.2% in the first quarter of 2019. Meanwhile, share of personal application had an obvious fell in the second quarter of 2019 after the tremendous rise in the first quarter of 2019 due to the significant effect of red envelop transfer in the Spring Festival. The share shrank to 61.3% from 57.9%. Besides, mobile finance maintained steady growth momentum. 

In the second quarter of 2019, third-party mobile payment market still had high concentration. Alipay and Tenpay in the first tier took the share of 54.2% and 39.5% respectively. 
The enterprises in the second tier all make great efforts to develop business in the segmentations. 1qianbao partnered with Shanghai Disney Resort to release the official gift card of Shanghai Disney Resort, increasingly enriching users’ consumption scenarios. At the same time, it also ramped up efforts to develop business in finance, e-commerce and air travel sector where it has advantages and accelerated penetration into offline merchants. 1qianbaoh covered over two million offline merchants with comprehensive finance solutions. 
Based on strong product innovation capability and user operating capability, JD Pay had an rising share in its internal transactions on the one hand. On the other hand, it vigorously expanded external application scenarios and saw the rapid growth in mass transit and offline retail. By transactions, it ranked the fourth place among the main players in mobile payment market. 
Benefiting from the international strategy based on platform, intelligence and industry chain, UMpay released payment + supply chain finance comprehensive service to promote the steady growth of its transactions in the second quarter of 2019. 
Besides, 99bill rapidly expandedbusiness in shopping malls, cinemas, culture-oriented travel in the scenarios of Wanda. Yeepay made great efforts to marketing to develop internet finance and air travel. Suning Pay devoted to O2O development and provided convenient and safe full-scenarios payment services for consumers and businesses. 

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