Market Size of China Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Mobile Payments Market Analysis
The China Mobile Payments Market is expected to register a CAGR of 8.1% during the forecast period (2022-2027). COVID-19 led to increased initiatives by several mobile payment companies to introduce innovative digital payment solutions, especially in China. For instance, in March 2020, Alipay introduced a three-year plan to open its platform supporting digital transformation for 40 million service providers in its home market of China.
- The mobile payment landscape across China is changing rapidly, owing to digital transformation. The technological advancement in the smartphone has enabled on-the-go fund transfer and POS at retail terminals, which are fueling the global market growth.
- The growth of China's mobile payment business is attributed to three factors, a friendly regulatory environment, a supply shortage of payment services, and recent technological developments. With substantial access, low cost, and reliable transactions, commercial business models and people's daily lives have been changed significantly.
- China's two largest mobile payment service operators, Alibaba and Tencent, ventured into the payment industry with already massive customer bases from their e-commerce and messaging businesses, respectively. On top of this inherent advantage, Chinese consumers generally seem to place more value on the benefits of convenience, speed, and the ability to access financial means brought by mobile payments.
- Limited credit card use and the centralized nature of China's e-commerce market have facilitated the rapid expansion of mobile payments in China. This is also accentuated by the fact that making payments using QR codes in China is a lot easier as compared to other countries, as the codes are readily available everywhere, thereby, proliferating mobile payments even in rural areas.
- With the increasing number of mobile users, the number of security concerns associated with mobile payments is on the rise, too hindering the market growth. For example, malicious app clones are a major problem when it comes to android phones as such apps are either published on alternate, less regulated app stores or distributed as standalone.apk packages. In the case of iOS fraudsters target via jail-broken devices.
