Mobile payment market In China to exceed USD 96 trillion by 2023 - reogma
The smartphone manufacturing in China has grown by 28.2% to total the revenue to $207 bn in 2018. During this growth, the number of businesses has grown by 4.2% while the number of employees has grown by 23.0%.
A mobile payment is money paid for a product or service through a portable electronic device such as a tablet or cell phone. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods.
Chinese have been abandoning the age-old habit of carrying cash at a rapid clip over the last few years thanks to the convenience of mobile payment tools. Through a mobile phone, one is able to complete all payments for everyday expenses, from hailing a taxi to ordering food from small vendors and paying for gas. It is no exaggeration to say that a cashless society has been taking shape in China.
As consumers, it is clear that mobile devices are a mainstay in our daily social lives- from connecting with friends over social media, making dinner reservations, or researching and sharing product recommendations or reviews online.
Now, it is the explosive growth of mobile payments that is transforming our financial lives- and China is leading the way! With a record $12.8 trillion in mobile payment transactions from January – October 2017, China far surpasses the U.S. at only $49.3 billion.
In 2016, China had 731 million Internet users- more than the European Union and the United States combined. Nearly one in five Internet users (20%) in China relies on mobile only, The share of Internet users in China making mobile digital payments is around 68%.
China is now the largest e-commerce market in the world. It accounts for more than 40% of the value of worldwide e-commerce transactions, up from less than 1% about a decade ago. China has also become a major global force in mobile payments with 11 times the transaction value of the United States.
Mobile Payments in China has supported the rise of emerging digital businesses including Taxi-Hailing and Bike-Sharing.
Posted in Finance, IndustryTagged #APAC #Business & Financial Services #China #Mobile #Telecom & IT
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The smartphone manufacturing in China has grown by 28.2% to total the revenue to $207 bn in 2018. During this growth, the number of businesses has grown by 4.2% while the number of employees has grown by 23.0%. Definition / Scope Market Overview Market Risks Top Market Opportunities Market Drivers […]