Over 400 million Chinese consumers make mobile payments

3 August 2016

Recent reports say that 424.5 million consumers in China made regular payment from their mobile phones and smartphones in June, about 7% increase as compared with last December. At the moment total number of Internet users in China has reached 710 million, which is a twofold population of the USA. The report notes that of those internet users 656 million connect using their mobile devices.

Mobile payment industry is growing rapidly in the country due to the exponential development of the infrastructure and recent launches in the country including Apple Pay and Samsung Pay along with the introduction of NFC-powered smartphones by Xiaomi and Huawei.

As noted by the report makers such a rapid growth is caused by the convenience, as the transaction is in a low degree influenced by bank or credit card payments and, moreover, most Chinese consumers access the internet for the first time from their mobile devices.

Adding to the common boost Alibaba and Tencent made a great contribution to the mobile transactions’ popularity, making them something commonly used in China. Tencent added mobile payment service to its texting application WeChat. Alibaba is widely deploying Alipay payment system for transactions on Taobao and other electronic commerce sources.

Increasing popularity among offline merchants offering QR-code scanning functionality to make a transaction and retailers who partner with payment processing providers such as Alipay to propose rebates for using mobile method of transaction.

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