China Accounted for Half of Global Digital Payments in 2017: Fintech Industry Report
A new report on China’s fintech sector says that the Chinese market already accounts for nearly half of global digital payments.
According to the report “China Fintech Market – Growth, Trends and Forecast (2019 – 2024) from Mordor Intelligence, nearly half the world’s digital payments took place in China in 2017, via apps such as Alipay and WeChat that derive vast user bases from affiliated e-commerce and social media platforms.
The total transaction value in the digital payment segment was USD$1.269792 billion in 2018, with the report forecasting a compound annual growth rate of 19.2% during the period from 2019 – 2024.
Mordor Intelligence also highlighted the domination of the Chinese fintech market by a small number of key players including Ant Financial, ZhongAn, Du Xiaoman, Qufenqi and Dianrong.