LONDON, Jan. 24, 2017 /PRNewswire/ -- Increasingly popular smartphone, further implementation of "Internet +" program and continuous technological innovation have fueled the rapid growth of the Chinese mobile payment market with transaction volume for 2015 surging by 322.2% to RMB130.18 trillion and expected to maintain an AAGR of 142% over the next couple years to hit RMB13,776.5 trillion in 2020.
Mobile banking finds the largest transaction size, accounting for 83.1% in 2015 and estimated to decline to around 80.4% in 2020. China Construction Bank ranked first with a 23.1% market share, followed by Industrial and Commercial Bank of China (20.0%) and Agricultural Bank of China (13.9%). Faced with challenges and pressure from payment APPs, the banks will strengthen competitiveness by introducing differentiated services and products, such as joint issuance of cards and large payment with banking expertise.
With regard to third-party mobile payment, the transaction volume in China reported RMB21.96 trillion in 2015, an upsurge of 167% from a year ago, 90% of the market seized by Alipay and Tenpay. Supported by business data, third-party payment companies will continue to expand service functions, finally forming a development pattern of O2O (Online to Offline) services.
In addition, driven by mobile-payment interest chain and against the background of tighter access to payment, the mobile payment market has undergone an expedited reshuffle and mobile phone vendors and traditional enterprises have stepped up their presence in 2016, further intensifying market competition.
Technologically, as two-dimensional barcode (or QR code) is permitted, 2D barcode payment technology will keep having an edge. Meanwhile, with higher requirements on payment security, other technologies like NFC, HCE, Token and biological recognition will mature gradually.
Read full Press Release here: http://www.prnewswire.com/news-releases/global-and-china-mobile-payment-industry-report-2016-2020-300395935.html
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