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China Leads the World in Mobile Payment Market

Huanqiu reported that, as Apple Pay or Samsung Pay become more popular outside of China, China is still the world’s leading country in the mobile payment industry. It was estimated that in 2017 the net income in China’s mobile payment industry was $98 billion and its mobile payment transaction volume exceeded the volume worldwide for Visa and MasterCard transactions combined. Alipay and Wechat pay are the two leading mobile payment companies in China. Each of them has a monthly transaction volume greater than US$451 billion which was what PayPal made in the full year of 2017. As more Chinese tourists travel overseas, these companies are also expanding their business overseas. According to Nielsen Marketing Research firm data, 65 percent of Chinese tourists use mobile pay while traveling overseas. These mobile payment companies are also reshaping the online marketing channel. Some companies have started to use the mobile payment platform to market their products rather than traditional online marketing. Successful examples include Starbucks, restaurant delivery, and online Taxi services.

Source: Huanqiu, July 23, 2018