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News Link • China

China's mobile payments volume could exceed global credit card volume in 2018

•, brian wang

China's mobile payments were 58.8 trillion yuan in 2016.

Xinhua News reported that consumers in China's third-party mobile payment market spent a total of $3.46 trillion (23 trillion yuan) in mobile transactions during the second quarter of 2017 alone. This represents a 22.5% increase from the first quarter of this year.

In 2017, Alibaba and Tencent have 92.8% of the mobile payment market: 53.7% of China's mobile payment service customers use Alibaba's Alipay, and 39.1% use Tencent Finance.

China is leapfrogging over credit card usage. The centralized and vertically integrated Alibaba and Tencent have enabled the rapid expansion of mobile payments in China.

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