Global and China Mobile Payment Industry Report, 2020-2026

News provided by

May 04, 2020, 10:10 ET

NEW YORK, May 4, 2020 /PRNewswire/ -- In the past decade, mobile payment burgeoned and payment institutions mushroomed in the world, accompanied by a growing number of users and the fast-growing transactions. In 2018, the global mobile payment transactions fetched $4.296 trillion, a year-on-year spurt of 38.4%. The outbreak of COVID-19 pandemic worldwide has bolstered robust growth of mobile payment transactions. A high growth rate of global mobile payments is expected in the next few years, and the transaction amount will be $26.341 trillion by 2026.

Read the full report: https://www.reportlinker.com/p04627129/?utm_source=PRN

China now stays ahead of other nations in mobile payment, with about 47 percent of mobile users using mobile & digital wallets; the ranking No.2 Norway sees a utilization rate of 42%, a figure far higher than other European countries.

At present, the world-renowned mobile payment platforms encompass Apple Pay, Google Pay, Alipay, WeChat Pay, etc., among which the largest one Alipay together with local wallet partners has served at least 1.2 billion users worldwide as of June 2019.

China, the world's largest mobile payment market, handled a total of 532.814 billion mobile payment transactions worth RMB445.22 trillion in 2018, up 92.48% and 44.53% year-on-year respectively. After the outbreak of the COVID-19 epidemic in China in December 2019, Payment & Clearing Association of China issued an initiative on February 28, 2020 to encourage people to use mobile payment, online payment and barcode payment to avoid the risk of infection. This will tremendously boost mobile payment transactions in China where the amount of such transactions will reach RMB777.5 trillion in 2020, surging by 31.8% on an annualized basis.

With the boom of the third-party mobile payment industry, third-party mobile payments have seen a rising market share year by year and squeezed mobile banking progressively. In 2018, the scale of China's third-party mobile payment transactions reported RMB167.83 trillion, soaring by 59.7% year-on-year and holding 37.7% shares. As expected, third-party mobile payments will enjoy higher market share than mobile banking by 2021 and occupy 58.1% by 2026.

Amid the cut-throat competition in Chinese mobile payment market, the key players include China UnionPay, banks and other financial institutions, third-party payment companies, operators and terminal mobile phone vendors. With a tighter national control, the quota of third-party payment licenses in China has gradually decreased. As of the end of 2019, a total of 237 enterprises had obtained payment licenses in China, and the 34 licensees had been revoked. Some companies can only win third-party payment licenses through acquisitions or mergers.

Mobile payments in China are QR code centric ones. According to the "FinTech" Development Plan (2019-2021) issued by the People's Bank of China, QR code payments will be interconnected with a universal code before the end of 2021. Thus, QR code payments will head toward aggregate payments whose transaction size was RMB5.5 trillion in 2018 and is expected to reach RMB58.1 trillion by 2026.

With the maturity of AI technology, face-scanning payment is quite popular among youngsters. By the end of 2019, there had been 110 million Chinese users of face-scanning payment in scenarios like supermarket, convenience store, shopping mall, vending machine and restaurant.

Global and China Mobile Payment Industry Report, 2020-2026 highlights the following:
Global mobile payments market (size, enterprise pattern, development in countries like the US, Japan and India, etc.);
China mobile payments market (regulatory policies, size, structure, enterprise pattern, etc.);
Mobile payment market segments (mobile banking, third-party mobile payment, NFC payment, QR code payment, etc.);
Characteristics of Chinese mobile payment users;
Industries related to mobile payment in China (mobile netizens, smartphone, smart POS device, etc.);
16 key global and Chinese mobile payment companies (operation, development strategy, etc.).

Read the full report: https://www.reportlinker.com/p04627129/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001