logo

China Mobile Payments Market Size (2024 - 2029)

The China Mobile Payments Market is experiencing significant growth driven by digital transformation and technological advancements in smartphones, which facilitate convenient fund transfers and point-of-sale transactions. The market's expansion is supported by a favorable regulatory environment, a shortage of payment services, and the inherent advantages of major players like Alibaba and Tencent, who leverage their existing customer bases. The ease of using QR codes and the limited use of credit cards further accelerate the adoption of mobile payments, even in rural areas. However, increasing security concerns, such as malicious app clones, pose challenges to the market's growth.

Home Market Analysis Technology, Media and Telecom Research Digital Commerce Research Payments Research Digital Payments Research Mobile Payments Research China Mobile Payments Market Market Size

Market Size of China Mobile Payments Industry

China Mobile Payments Market Report
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 8.10 %
Market Concentration Medium

Major Players

China Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

China Mobile Payments Market Analysis

The China Mobile Payments Market is expected to register a CAGR of 8.1% during the forecast period (2022-2027). COVID-19 led to increased initiatives by several mobile payment companies to introduce innovative digital payment solutions, especially in China. For instance, in March 2020, Alipay introduced a three-year plan to open its platform supporting digital transformation for 40 million service providers in its home market of China.

  • The mobile payment landscape across China is changing rapidly, owing to digital transformation. The technological advancement in the smartphone has enabled on-the-go fund transfer and POS at retail terminals, which are fueling the global market growth.
  • The growth of China's mobile payment business is attributed to three factors, a friendly regulatory environment, a supply shortage of payment services, and recent technological developments. With substantial access, low cost, and reliable transactions, commercial business models and people's daily lives have been changed significantly.
  • China's two largest mobile payment service operators, Alibaba and Tencent, ventured into the payment industry with already massive customer bases from their e-commerce and messaging businesses, respectively. On top of this inherent advantage, Chinese consumers generally seem to place more value on the benefits of convenience, speed, and the ability to access financial means brought by mobile payments.
  • Limited credit card use and the centralized nature of China's e-commerce market have facilitated the rapid expansion of mobile payments in China. This is also accentuated by the fact that making payments using QR codes in China is a lot easier as compared to other countries, as the codes are readily available everywhere, thereby, proliferating mobile payments even in rural areas.
  • With the increasing number of mobile users, the number of security concerns associated with mobile payments is on the rise, too hindering the market growth. For example, malicious app clones are a major problem when it comes to android phones as such apps are either published on alternate, less regulated app stores or distributed as standalone.apk packages. In the case of iOS fraudsters target via jail-broken devices.

China Mobile Payments Industry Segmentation

Mobile payments refer to the transactions that are taking place under the purview of various regulatory bodies using mobile devices as part of initiatives to digitize payments across the globe. Mobile device payments act as alternatives to cash, cheques, or physical credit cards.

The scope of the report includes proximity and remote payments that are done through mobile devices. The study considers the impact of COVID-19 on the market.

By Type (Market share in percentage based on relative adoption)
Proximity Payment
Remote Payment
Need A Different Region Or Segment?
Customize Now

China Mobile Payments Market Size Summary

The China Mobile Payments Market is experiencing significant growth, driven by rapid digital transformation and technological advancements in smartphone capabilities. The market is characterized by the widespread adoption of mobile payment solutions, facilitated by a favorable regulatory environment and the inherent advantages of major players like Alibaba and Tencent. These companies have leveraged their extensive customer bases from e-commerce and messaging platforms to dominate the mobile payment landscape. The ease of using QR codes for transactions, coupled with limited credit card usage and a centralized e-commerce market, has further accelerated the adoption of mobile payments across the country, including rural areas. However, the rise in mobile users has also led to increased security concerns, which pose challenges to market expansion.

The proximity-based mobile payment segment, utilizing NFC and QR code technologies, is gaining traction due to the growing number of NFC-enabled smartphones and the established POS infrastructure. This trend is supported by the younger generation's demand for convenient in-store shopping experiences. The COVID-19 pandemic has also played a pivotal role in promoting contactless payments, as consumers seek to minimize physical contact with payment terminals. The e-commerce sector, particularly online grocery shopping, has seen a surge in activity, further boosting the mobile payments market. Key players in the market, including WeChat, Alipay, and PayPal, are continuously expanding their offerings and partnerships to enhance their market presence. The competitive landscape remains dynamic, with both regional and global players vying for market share amidst evolving consumer preferences and regulatory developments.

Explore More

China Mobile Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Porters Five Force Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Assessment of COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type (Market share in percentage based on relative adoption)

      1. 2.1.1 Proximity Payment

      2. 2.1.2 Remote Payment

China Mobile Payments Market Size FAQs

The China Mobile Payments Market is projected to register a CAGR of 8.10% during the forecast period (2024-2029)

AliPay, 99bill, Huawei Device Co., , Paypal Inc. and Apple Inc are the major companies operating in the China Mobile Payments Market.

China Mobile Payments Report Snapshots

China Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)