Digital Payments in China Surge

2020/04/02 Innoverview Read

China’s digital payment market grew to $8.4 trillion in the last quarter of 2019 and there are signs of still robust momentum in the months following the outbreak.

By transaction volumes, Alipay retained the top rank with 55.1 percent followed by Tencent’s two platforms – WeChatPay and QQ Wallet – at 38.9 percent, according to a report (Mandarin only) by independent research firm iResearch.

The remaining 6 percent where split between 1qianbao (1.4%), JD Pay (0.9%), UMPay (0.6%), 99bill (0.6%), Yeepay (0.5%), China UMS (0.3%), Sunin Pay (0.2%) and others (1.5%).

 59.8 trillion yuan ($8.4 trillion) in total digital payment representing a year-on-year increase of 13.4%

Still Strong

Even in the midst of an ongoing coronavirus outbreak, the Chinese digital payment market signaled strength, the report underlined.

Beijing-based grocery startup Meicai attracted 800,000 new users in one week on an online platform that connects farmers with consumers and restaurants. Between March 18 and 22, Alipay registered average daily purchase of nearly 1.1 million cups of milk tea via branding programs.

(Source: Finews.Asia