The global mobile payment market is estimated to witness robust growth in the emerging market of asia-pacific, owing to the rise in penetration of smartphones, efficient 3g and 4g connectivity, and growth in mobile commerce. Online payment in china - statistics & facts total revenue of global mobile payment market from 2015 to 2019 (in billion us dollars) + mobile payment users in china 2013-2017. China leads the world in mobile payments, buoyed by a boom in online shopping and the relative dearth of alternatives such as credit cards iresearch said china's mobile payments hit $55tn last year, 50 times the size of the us's $112bn market, based on forrester research figures. With mobile payments, 40% of china's population get around carrying less than 100 rmb cash ($15), according to a report produced by tencent, renmin university of china, and research company ipsos.
Mobile payments market is estimated to grow by 32% of cagr, global mobile payments market categorizes the global market by mode of payment, mode of transaction and end use application | mobile payments industry. Global mobile payment technologies market: overview the report on the global mobile payment technologies market provides analysis for the period between 2016 and 2026, wherein 2016 is the base year, and 2018 to 2026 is the forecast period. China's obsession with mobile payments solution started with alibaba launched alipay, a paypal-like service that quickly began to dominate china's mobile payments market today, the market features several apps and is worth more than $55 trillion per year.
Mobile payments reached $55 trillion in china in 2016, representing more than half the country's total gross domestic product that's according to a report on the size of the mobile payment. A china mobile payment strategy as with much of the chinese digital landscape, the mobile payments sector is still dominated by the big domestic players in the market, wechat (owned by tencent. A dessert store worker scans a mobile qr payment code in beijing, china, while the blue sign below promotes the store's use of alipay alipay had 54 percent of that mobile payments market. China unionpay launched mobile payments app in december but it may be too late for the firm to grab solid stake in business that processes more than 2 trillion yuan. The worldwide mobile payment revenue in 2015 was 450 billion us dollars and is expected to surpass 1 trillion us dollars in 2019 total revenue of global mobile payment market from.
Chinese mobile payments were nearly 50 times greater than those in the us last year, market data show, highlighting chinese internet companies' strong position in a market segment viewed as a. Compared to the us mobile payments market, china is light years ahead, particularly when it comes to getting consumers on board with actually using mobile payments that's something the us. Alipay and tenpay(wechat payment) together make up for 92% of the mobile payment market alipay makes up for the majority (615%) of business-related transactions mobile payment transaction increased 381% to rmb588 trillion in 2016 and are expected to grow at a 68% growth rate in the next 2 years. 40 percent of connected consumers pay with mobile devices on a weekly basis that makes china the no 1 market globally, followed by hong kong and south korea asia also leads in mobile payments.
China's mobile payment market size china's mobile payment market is the largest in the world in terms of absolute size and growth potential according to iresearch, a chinese internet data provider, the chinese mobile payment market is estimated to reach ¥122 trillion (us$183 trillion) in 2016, up from ¥02 trillion (us$317 million) in 2012. China has embraced mobile payments faster than any other country last year, mobile payment transactions hit us$55 trillion, making china the largest mobile payments market in the world. In a country where a running joke is that street beggars would rather accept mobile donations than yuan , alipay accounts for 54% of the market, with wechat pay in second place with a 40% share. The lack of a history of credit card use and the very centralized nature of china's e-commerce market have facilitated the quick expansion of mobile payments in china.
Mobile payment transactions approximated rmb29497 trillion in china in 2017, an upsurge of 414% from rmb2086 trillion in 2016, and are expected to hit rmb793 trillion in 2021. Mobile payments reached $55 trillion in china last year credit yuyang liu for the new york times some scandinavian countries have also weaned themselves from cash but still use cards frequently. In china, a cashless trend is taking hold with mobile payments : all tech considered consumers there are finding convenience and security in using smartphones to pay an estimated $55 trillion.
Internet giant alibaba's alipay has had a lock on china's huge mobile-payment market, but now rival tencent is leveraging its wechat app to increase its slice, and foreign players including. China is the world's largest single mobile market indeed, china's mobile payments industry is a burgeoning market it is attracting a number of participants in an attempt to assume first mover advantage. In the third quarter of 2017, china's mobile payment market grew 28% from a year ago to $47 trillion, with alibaba having a 53% share ten pay followed closely with its 40% market share.