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 provider||Market share in Q3 2019|
|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%|
|China UMS (银联商务)||0.4%|
|Suning Pay (苏宁支付)||0.2%|
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.