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410M Chinese to be Making Mobile Payments by 2023

410M Chinese to be Making Mobile Payments by 2023 according to a new report from Celent, a research and consulting firm for the financial services industry. Researchers predict that China will become the world’s largest mobile payment market by 2023.

Celent identifies three different types of mobile payment providers in China 410M Chinese to be Making Mobile Payments by 2023:

The report, titled “Mobile Payments in China: The Emergence of a Megamarket,” predicts that the number of mobile payment users in China will grow by 48 percent annually until it reaches 410 million in410M Chinese to be Making Mobile Payments by 2023

mobile networks,
Banks andThird party payment companies.

Mobile networks provide services based primarily on NFC (Near-field Communication) technology, which allows users to make payments at participating merchants by waving their phone at an NFC-enabled card reader.

Banks allow users to make payments remotely using mobile phones. According to the report, financial institutions typically process larger transaction volumes and may provide more complex financial products. Researchers predict that a huge market will emerge if China UnionPay, the association for China’s bank card industry, can link SD cards with credit and debit cards.

410M Chinese to be Making Mobile Payments by 2023
410M Chinese to be Making Mobile Payments by 2023

Third-party payment providers are the most innovative among participants410M Chinese to be Making Mobile Payments by 2023.

the report says, and can offer more competitive terms of service.The Celent report states that the growing popularity of mobile payments is the result of successful collaboration between different players:

“Currently, the best business model in the Chinese market focuses on cooperation between operators and banks,” says Hua Zhang, one of the authors of the report. “Mobile operators and third-party payment companies are also strengthening their collaboration with the banking industry to achieve greater success.”

Mobile Payment Users by Region The growing adoption of mobile payments is not limited to China. According to Gartner, an information technology research and consulting firm, the number of mobile payment users worldwide will grow to 108.6 million in 2010, up 54.5 percent from 70.2 million in 2009. Mobile payment users will make up 2.1 percent of all mobile users in 410M Chinese to be Making Mobile Payments by 2023.

A Gartner report shows that the Asia Pacific region leads the world in both the absolute number of mobile payment users and their share of total mobile users. In absolute terms, the number of Asian consumers making mobile payments will rise to 62.8 million this year, up from 41.9 million in 2009. The 2010 figure represents 2.6 percent of all mobile users 410M Chinese to be Making Mobile Payments by 2023.

North America ranks last in both categories in the Gartner report. 410M Chinese to be Making Mobile Payments by 2023.

, it will have only 3.5 million mobile payment users, representing 1.1 percent of the total number of consumers with mobile phones. Western Europe is just above North America in this table, which raises the question of why developed countries lag behind emerging markets in the adoption of mobile payments.

According to Sandy Shen, research director at Gartner, the delay is “due to the large choice of payment tools that consumers have,” she said. “Emerging markets have found the right formula for mobile money services – features that users want and an ecosystem that can sustain the service 410M Chinese to be Making Mobile Payments by 2023.”

But it seems Americans are finally waking up to the potential of mobile payments. Lots of start-ups are vying for a piece of the huge market that should materialize soon. Most major banks already offer some type of mobile banking, and the rest are sure to follow 410M Chinese to be Making Mobile Payments by 2023.

So the North American numbers are sure to grow quickly. Whether the global divide will close so quickly is another question entirely, as the rest of the world is unlikely to stand still.

Paying via mobile phones has become second nature to most Chinese. By the end of 2021, approximately 903.6 million people were using mobile payments in China, which is roughly 64% of the total population. In China’s largest cities, residents pay an average of 80% of their monthly expenses (roughly 5,000 yuan) through mobile payment services, while residents of the fourth and fifth cities use the means for 90% (3,000 yuan) of their monthly expenses, according to a China UnionPay report from in 2021.

By the end of 2022, the cumulative value of digital payments in China is expected to reach US$3.5 trillion, making the country the clear global leader in digital payments, followed by the United States with US$1.8 trillion.

According to statistics at the end of 2021, the People’s Bank of China (PBOC) processed 275 billion electronic payment transactions this year, up 16.9% from 2020. 151.22 billion mobile payment transactions were registered, representing a year-on-year an increase of 22.7% 410M Chinese to be Making Mobile Payments by 2023.

Source: iiMedia, designed by Daxue Consulting, Daily frequency of mobile payments in China 410M Chinese to be Making Mobile Payments by 2023.

COVID-19 boosted online and mobile payments in China 410M Chinese to be Making Mobile Payments by 2023.
While mobile payments were already ubiquitous in China before COVID-19, the pandemic accelerated the mobile payment trend even more dramatically. In February 2020, the Payment & Clearing Association of China (PCAC) launched an action to promote the use of mobile payments, online payments and QR payments to reduce the risk of infection. The huge shift was visible in the payment statistics of all major Chinese mobile payment platforms released in March410M Chinese to be Making Mobile Payments by 2023.

According to Zhuanlan, UnionPay processed transactions worth 1.4 billion yuan per day, a year-on-year increase of 54.6%. Alipay reported that the frequency of payments around sightseeing spots increased by 120%. Similarly, the use of WeChat payments in restaurants increased by 447% compared to March 2019.

Transaction growth has been stable throughout 2021 and continues to develop in 2022. During the 2022 Spring Festival, 20.8 billion transactions worth 14.9 trillion yuan were reported to the PBOC. This represents an increase of 10.0% and 16.2% over the same period last year 410M Chinese to be Making Mobile Payments by 2023.

The history of mobile payments in China 410M Chinese to be Making Mobile Payments by 2023.

In 2018, around 83% of all payments were made via mobile payment methods. China has evolved differently in terms of payment methods: while most countries have moved from cash to credit cards and are now moving to mobile phones, China has skipped this step. Credit card use is sporadic, if not non-existent, in China. Although mobile payments are growing globally, China leads the world by a large margin in terms of mobile payment penetration, with a total penetration rate of all forms of mobile payments in 2021 at 87.6%. The penetration rate of mobile payments processed through smartphone apps 410M Chinese to be Making Mobile Payments by 2023.

Source: People’s Bank of China, Zhiyan Consulting, Daxue Consulting Chart, Share of Mobile Payments in Total Electronic Payments in China 2014-2021.
Source: Statista Digital Market Outlook, chart by Daxue Consulting, rate of penetration of mobile payments via smartphone apps 410M Chinese to be Making Mobile Payments by 2023

How do mobile payments work in China?

This increase in the use of smartphone payments in China is related to the growth of e-commerce and m-commerce. In 2020, China’s e-commerce market boasted roughly US$2.2 trillion in sales, with 24.5% of total consumer goods retail sales in 2020 coming from e-commerce.

Source: Statista Digital Market Outlook, Statista, designed by Daxue Consulting, China e-commerce market size 2018-2021
In China, QR codes for paying and withdrawing money are prevalent in China; even street musicians use QR codes to collect money. There are two ways to pay with QR codes in China:

410M Chinese to be Making Mobile Payments by 2023
410M Chinese to be Making Mobile Payments by 2023

The customer scans the retailer’s QR code, which is often printed and visible at the cash register, on restaurant tables and even on products in stores. The customer then chooses an amount and can send the money directly to the seller and then shows the seller a confirmation of the transaction.
The customer shows his own QR code displayed on his smartphone, the seller selects the amount to be deducted and scans the QR code. This method is even easier and faster because it removes the extra step of confirming the transaction.
Unlike Apple Pay, which requires merchants to purchase hardware to accept payments, in China a simple piece of paper printed with a QR code is sufficient. Thus, mobile payments have gained such momentum in China because they are easy, fast and accessible to every customer who owns a mobile device.

Where are mobile payment services used in China?
From convenience stores to large shopping malls, from buying subway tickets to paying for airline tickets, mobile payments can be used everywhere in China.

Data source: iiMedia.com, designed by Daxue Consulting, Top Payment Scenarios of Mobile Payment Platform Users in China 2020H1
With the popularity of e-commerce, online mobile payment has become the main payment method on e-commerce websites in China. Consumers can directly use payment platforms to complete online orders, as well as scan the QR code provided by online retailers through payment applications. Consumers can also pay for their household water, gas and other utility bills through mobile payment apps.

Offline mobile payments are related to NFC (Near-field Communication), QR codes, facial recognition and so on. Offline mobile payments are widely used for small and high-frequency purchases such as shops and restaurants. It mainly relies on devices such as code readers, POS machines and smartphones. In addition, offline mobile payments in China are widely used in public transportation, hospital appointments, and parking lots.

What is the state of China’s payment systems in 2022?
In 2021, WeChat Pay and Alipay accounted for 91% of all digital payments made in China. In order to improve financial supervision, the Ministry of Industry and Information Technology (MIIT) has unveiled a 2021 policy to create interoperability among all mobile payment platforms, particularly focusing on opening up the payment systems of two industry leaders to China UnionPay’s state-owned cloud-based QuickPass. . This means that QR codes generated within each mobile payment platform can now be used and used in other Chinese mobile payment applications. Additionally, after beginning trials in 2020, all three platforms also included the ability to use China’s e-RMB digital currency in 2022, although consumer adoption has been slow.

410M Chinese to be Making Mobile Payments by 2023
410M Chinese to be Making Mobile Payments by 2023

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