China’s Mobile Payments Market Grows Over 15% in Q3 2019, Alipay’s Market Share Exceed Half

 -  -  1753


A new report points to strong growth in China’s mobile payments market, as well as the ongoing dominance of Ant Financial’s Alipay platform.

The latest data from iResearch Consulting Group indicates that in the third quarter of 2019 China saw third-party mobile payments transactions worth 56 trillion yuan (approx. USD$8.16 trillion) in total, for YoY growth of 15.2%

Ant Financial’s Alipay continues to remain the leading force in Chinese mobile payments, with a 54.5% market share for a 0.3% rise compared to the preceding quarter.

Tencent comes in second on the back of its WeChat Pay platform, with a market share of 39.5%, while Ping An Grupo’s Yiqianbao takes third place, with 1.5% market share.

Market share of China’s Third Party Payments Providers in 2019 Q3

Payments providerMarket share in Q3 2019
Alipay54.5%
Tencent 39.5%
Ping An Group’s Yiqianbao (壹钱包)1.5%
JD Pay (京东支付)0.8%
Union Mobile Pay (联动优势)0.7%
99Bill (快钱)0.6%
Yeepay (易宝)0.6%
China UMS (银联商务)0.4%
Suning Pay (苏宁支付)0.2%
Other1.2%

iResearch points out that YoY growth in mobile payments transactions has eased since the start of 2018, although mobile smart device NFC and offline barcode payments retain strong momentum.

In Q3 2019 China’s mobile smart device NFC payment transaction value increased 55.6% YoY, while offline barcode payment transaction value rose approximately 7.8% compared to the preceding quarter.

Related stories

How Ali­pay and WeChat Pay Rev­o­lu­tionised Chi­nese Pay­ments, Paved the Way for Cen­tral Bank Dig­i­tal Cur­rency – In­ter­view with Rich Tur­rin

Ali­pay Ap­plies Blockchain to Tmal­l’s Op­er­a­tions on Record-break­ing 11 No­vem­ber Sin­gles’ Day

Ali­pay, WeChat Mak­ing Mo­bile Pay­ments Avail­able to For­eign Tourists in China

17 recommended
comments icon 53 comments
53 notes
3495 views
bookmark icon

Write a comment...

Your email address will not be published. Required fields are marked *