![]() ![]() In 2015, roughly 35% of smartphone users were using mobile payment systems, while today the numbers went up to around 80%. As WeChat is the most popular social media app in China, with 1.26 billion monthly active users as of 2022, it’s not a surprise that Wechat payments became widely used by users of the app. WeChat Pay, a mobile payment platform built in the WeChat ecosystem was introduced in 2013. It all started in 2004 when Alibaba Group introduced Alipay, a mobile payment system, with the purpose of making the purchasing process on Taobao easier and faster for Chinese consumers.Īfter the introduction of smartphones, things started to heat up with Wechat wanting to have a piece of that cake. ![]() While people in developed countries around the world were slowly switching from cash payments to bank card payments, Chinese netizens were going toward becoming a cashless society. Of all the users of mobile payments, around 99.8% use them daily, ranging from one up to three usages per day (54.9%) up to more than 10 usages per day. It is predicted that by the end of 2022 digital payments value in the country will reach 3.5 trillion dollars, putting the country as a leader, with the United States and its 1.8 trillion dollars following China’s footsteps.Ĭhinese people use mobile payment platforms to pay in restaurants or for food delivery, to pay for shopping online and offline, but also to pay their bills or to pay for the services they use. According to Daxue Consulting, there were more than 903.6 million mobile payment users in 2021, which is 64% of the whole Chinese population. Mobile payments in China are something that has been used long before we started digital payments in the West. An overview of the digital payments landscape in China ![]() In this blog post, we will explain the phenomenon of online and mobile payments in China and present the most popular mobile payment platforms, that are important to know if you’re aiming to do business in the Chinese market. Nearly 80% of Chinese urban shoppers use mobile payment systems in most of their payment transactions. In contrast to Western countries, where we are just starting to get used to digital payments, people in Mainland China are more accustomed to using mobile payment methods than paying with debit cards. And there are a lot of different ways to pay with your phone over there. In fact, options like Alipay and WeChat Pay, which are the leaders in mobile payment services, have been around for much longer than we’ve had Apple Pay or Android Pay in the US. In China, mobile payments are all the rage. ![]()
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