A new report points to an over 22% surge in China’s mobile payments transaction sum in the second quarter of 2019.
The “China Third Party Payments Sector Data Release Report (中国第三方支付行业数据发布报告) for the first half of 2019 released by iResearch Consulting Group indicates that the second quarter saw 55 trillion yuan in third party mobile payments transactions, for a YoY rise of 22.6%.
According to the report China’s mobile payments transaction scope has entered a period of steady growth, as users become accustomed to mobile payments and the mobile payments coverage rate continually rises.
Alipay and WeChat Pay continue to occupy dominate positions in the sector, with market shares of 54.2% and 39.5% respectively.
The third party mobile payments transaction volume for the first half of 2019 was 110.4 trillion yuan, while the offline barcode payments market transaction scale was approximately 15.4 trillion yuan.