China UnionPay is a new player in the online payment market, but it has a distinct advantage compared to smaller companies. The global market size, share along with dynamics are covered in the p2p payments market report As a nation of smartphone lovers, it follows that China has quickly adopted digital wallets, which are now used to pay for the majority of e-commerce payments. it rose by 22.5% compared to the previous year's results. According to Analysys's research, the total payment volume of China's mobile payment market was 53.5 trillion yuan (US$7.7 trillion) in the first quarter of 2020. Figure: Similar to China, digital payments in India could see most of the market share being dominated by a few platforms. Global and China Mobile Payment Industry Report, 2020-2026 Intelligencemarketreport.com Publish a New Market Research Report on "P2P payment Market - Global Size & Share Research Report 2021-2027".This press Alipay (53.78%) and Tencent Finance (38.87%) combined had a total of 92.65% market share. The market growth can be attributed to high penetration of smartphones and adoption of mobile payment applications Europe's eight largest merchant acquirers ranked by payments generated by both global brands (Visa, Mastercard, American Express, Diners Club, UnionPay and JCB) and domestic market-only brands (Mir, Troy, etc.) Around 92 percent of population in China's biggest cities chose Wechat Pay or Alipay as their main means of payment. Digital payment industry report classifies global market by share, trend, and on the basis of offering, organization size, mode of deployment, industry vertical, and region In March 2020, 776.08 million people were using mobile payments in China. The global Contactless Payment market research report published by Reports and Data is an investigative study that offers accurate estimations of the growth rate and market size over the forecast period. With proximity payment technology, devices can communicate and carry out payment generally within a distance of 4 cm. 53 Cash payments also occupy a relatively minor section of the market, used for 10 percent of sales. 7.1.1 By Payment Method (Bank Transfer, Card, Digital Wallets, Cash, Others) 7.2 Consumer Electronics Market. The report offers a comprehensive assessment of competitive landscape, regional bifurcation, segmentation by type, application, and end-use, and growth prospects. Figure 7. Proximity Mobile Payment Users in China, 2019-2025 (millions, % change, and % of population) Share of Third-Party* Mobile Payment Transactions in China, by Company, Q2 2020 (% of total) Payment Methods Adults in Select Countries Are Likely to Use for In-Person Purchases, May 2021 (% of respondents ) Peer-to-Peer (P2P) Mobile Payment Users in . Global Face Scan Payment Market Research Report 2021 - 2028. CUP works with 165 participating banks and issues over 5 billion cards a year. Source: Bloomberg If Amazon gains a similar foothold in India, we should . Together, they account for more than 90 percent of the market share. The growth is mainly due to the companies . 45 billion messages were sent daily in January 2019 . The third-party internet payment market shrank by 3.48% quarter-on-quarter to US$0.94 trillion. In Q4 2018, China's third-party mobile payment grew by 7.78% to US$7 trillion in Q4 2018. Credit Card Market Share in the Asia-Pacific Region. and China have witnessed an increasing . It is predicted that the Chinese mobile payment market will be . Market estimates and forecast, by product 2018 - 2027 6.2.2. Statistics from Ipsos show that the market share of mobile payments in China increased from 3.5% in 2011 to 83.0% in 2018 (Figure 3). UnionPay has held the largest market share in the Asia-Pacific region by far, with a market share of 70% in 2019. China Contactless Payment Transaction Revenue, 2016-2027 (US$, Mn) Figure 6. Contactless Payment System Sales in China Market: 2016-2027 (K Units) Figure 8. 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. Alibaba, the e-commerce giant has been dominating China's digital payments market since the launch of its third-party online payment platform; Alipay in 2004. In Q1 2021, WeChat had 1.24 billion active users. Segment - China Ecommerce Payment Market. Since 2018, the year-on-year growth in the scale of China's mobile payment transactions has begun to slow. Share of e-payment in online shopping in China up to 2015. 7.1 Clothing and Apparel. 7.1 Clothing and Apparel. The rural e-payment market in China is becoming one of the important topics in the research field because of its contribution to the efficiency of fund flows in the economy. Its number of purchase transactions the same year was 131.21 billion, up from 98.34 billion in 2018. China leads the world in mobile payment business, with electronic payment as a percentage of as high as 71.4% in the country in 2018. Mobile consumption seized the increasing share. Amid the cut-throat competition in Chinese mobile payment market . Mobile Payment Market Share and Growth to 2025 and Analysis 2019-2025. China Contactless Payment Transaction Market Size: 2021 VS 2027 (US$, Mn) Figure 5. Such payment processing solutions offer a quicker & safer payment experience compared to traditional paper payments. China Contactless Payment Transaction Revenue, 2016-2027 (US$, Mn) Figure 6. Mobile Payment Market Research Report (2021-2030) study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. P2P Payments Market is anticipated to reach USD XX.X MN by 2027, this market report provides the growth, trends, key players & forecast of the market based on in-depth research by industry experts. The digital payment market is expected to grow, owing to the worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and . In 2018, the market share of mobile payments in China accounted for 83 percent of all payments, indicating an explosive growth from 3.5 percent in 2011. The global digital payment market size was USD 79.22 Billion in 2020 and is expected to reach USD 215.88 Billion in 2028 and register a CAGR of 13.3%. China Contactless Payment Transaction Market Size: 2021 VS 2027 (US$, Mn) Figure 5. In the Asia pacific, Vietnam is the fastest-growing market in mobile payments market. The Top 3 and 5 Players Market Share by Contactless Payment Transaction Revenue in 2020. iReserarch forecasts China's third-party mobile payment market would reach 74.2 trillion yuan in the second quarter of 2021. Chapter 1 Face Scan Payment Market Overview. totaled 70.53 billion in 2020, up 20.9% from 2019. Data shows that China's third-party mobile payment market reached $18,809 billion in the first quarter of 2017, of which Alipay accounted for 53.7% while WeChat Pay accounted 39.51%. Published by Statista Research Department , Apr 14, 2012. These two payments together have over 90 percent market share, Alipay leads WeChat Pay by 14 percent. Digital payment solutions such as e-wallets, UPI, POS are deployed for the payment. Chapter 2 Global Economic Impact on Industry. Digital payments are a relatively new trend in India. Payment app market was booming in China. As the third-largest credit/debit card provider in the world (after Visa and Mastercard), it has an extensive base of long-time clients. Segment - China E-commerce Payment Market 7.1 Clothing and Apparel 7.1.1 By Payment Method (Bank Transfer, Card, Digital Wallets, Cash, Others) 7.2 Consumer Electronics Market Fingerprint Payment Market is anticipated to reach USD XX.X MN by 2027, this market report provides the trends, growth, forecast & key players of the market based on in-depth research by industry experts. Key Companies Covered in Mobile Payment Market Research Report are Alipay.com Co Ltd. (China), Amazon.com, Inc. (US), American Express Co. (US), Boku Inc. (US), Google Inc. (US), MasterCard . Tencent's social network revenue was 108.2 billion RMB in 2020, which accounts for 22% of the company's total revenue. Despite the drop, data from 2020 Q1 Chinese Third-party Mobile Payments Market Report shows that Ant Group's Alipay has retained its leadership position with a steady increase over the last four quarters, rising to 55.4 percent market share, a 1.6 percent increase year-on-year. The global contactless payment market size is expected to reach USD 6.25 . The global market size, share, along with dynamics are covered in the fingerprint payment market report Chapter 4 Digital Payment Mode of Payment Outlook. #36 Software in Payment Processing Alipay market share is 0.14% with more than 1223 companies using this software Datanyze helps you reach more than 30,062 contacts that are using Alipay , including Alibaba.com Airbnb Amazon.de As expected, third-party mobile payments will enjoy higher market share than mobile banking by 2021 and occupy 58.1% by 2026. The research report on and China Contactless Payment market strives to give a competitive advantage to the existing businesses in the industry space through a detailed analysis of the historical data and the latest developments. 7.1.1 By Payment Method (Bank Transfer, Card, Digital Wallets, Cash, Others) 7.2 Consumer Electronics Market. 7. The Global Proximity Payment Market size is expected to reach $26.4 billion by 2027, rising at a market growth of 11.6% CAGR during the forecast period. Figure 5. In 2018, the scale of China's third-party mobile payment transactions reported RMB167.83 trillion, soaring by 59.7% year-on-year and holding 37.7% shares. next decade," said Ben Cavender, a director at China Market Research Group. 4 billion by 2027, rising at a market growth of 11. Cavender estimates China's mobile payment market is already 40 - 50 times larger than the United States. Tencent comes in second on the back of its WeChat Pay platform, with a market share of 39.5%, while Ping An Grupo's Yiqianbao takes third place, with 1.5% market share. China Contactless Payment System Revenue, 2016-2027 (US$, Mn) Figure 7. Proximity Mobile Payment Users in China, 2019-2025 (millions, % change, and % of population) Share of Third-Party* Mobile Payment Transactions in China, by Company, Q2 2020 (% of total) Payment Methods Adults in Select Countries Are Likely to Use for In-Person Purchases, May 2021 (% of respondents ) Peer-to-Peer (P2P) Mobile Payment Users in . According to research by Daxue Consulting, mobile phone payments have become the norm among many Chinese consumers, with more than 776 million people using a form of mobile payment in China as of March 2020. The global payment processing solutions market size was valued at USD 33.45 billion in 2019 is expected to grow at a compound annual growth rate (CAGR) of 14.5% from 2020 to 2027. Global Mobile payment market is estimated to grow with approx.22.25% CAGR during the year 2018-2026. Enveloped by Tencent Company, which owns the most popular social media in China, Wechat (Weixin), Tenpay has developed the most used mobile payment solution in China: WeChat Pay. (Statista Market Outlook, 2021) Over the years, Alipay and WeChat Pay have ruled the. Therefore, opportunity and challenge will coexist in the mobile payment in the following years and there will be uncertainties in the market landscape. With mobile payments becoming ubiquitous in China, the next frontier for Alipay and WeChat Pay is to make their services available overseas for Chinese travellers and eventually global … New York, Dec. 03, 2021 (GLOBE NEWSWIRE) — Reportlinker.com […] Asia-Pacific Mobile Payments market was valued at USD 710.11 billion in 2020 and is expected to reach USD 2841.32 billion by 2026, registering a CAGR of 26 % over the forecast period (2021-2026). The global "QY Code Payment Market" 2021-2027 study provides critical information related to the global, regional, and top players including QY Code Payment market share analysis, winning . Alipay accounted for 55% of the market share, and WeChat Pay 39%. [247 Pages Report] The global digital payment market size is expected to from USD 89.1 billion in 2021 to USD 180.4 billion by 2026, at a CAGR of 15.2% during the forecast period. In Q2 of 2019, the market share of Tenpay was down 0.4%. China third-party mobile payment experienced considerable change in GMV structure from Q1 2013 to Q4 2014. 6% CAGR during the forecast period. However, it is growing at a fast pace due to a favorable regulatory environment, infrastructure upgrades, high smartphone penetration . Alipay, started by e-commerce giant Alibaba and now owned by its affiliate Ant Financial, and WeChat Pay, which is built into Tencent's popular messaging service, have hundreds of millions of users between . The global P2P payment market size was valued at $1,889.16 billion in 2020, and is projected to reach $9,097.06 billion by 2030, growing at a CAGR of 17.3% from 2021 to 2030. 54 China is yet to reach full bank account penetration, 55 which may account for this use of cash. The transaction value of the digital payments market was USD 5.44 trillion in 2020, and it is projected to be worth USD 11.29 trillion by 2026, registering a CAGR of 11.21% during the period of 2021-2026. Of the various payment systems, WeChat Pay and Alipay together comprise 94% of the market share in China. Chinese Payment Platforms Alipay and WeChat Pay are the major mobile payment players in China. Proximity . Market Share - China Ecommerce Payment Market. In Canada, NFC-based payment processing solutions held a market share of around 40% in 2019 due to the growing use of digital payment channels. Subscriptions and Recurring Payment Market Share, by Geography, 2021 & 2027 6.2. The research report on and China Contactless Payment market strives to give a competitive advantage to the existing businesses in the industry space through a detailed analysis of the historical data and the latest developments. Market Share - China E-commerce Payment Market 6.1 By Segment 6.2 By Payment Method 7. This trend has ushered new market opportunities for NFC-based solutions. The Top 3 and 5 Players Market Share by Contactless Payment System Revenue in 2020 Figure 9. . The Top 3 and 5 Players Market Share by Contactless Payment System Revenue in 2020 Figure 9. Visa had a market share of 16% in the same area in 2019. 6.1 By Segment 6.2 By Payment Method. The key players profiled in the report include Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, and many more. One Wallet ranked third, with a Q3 market share of 1.5%, which was also unchanged from the previous quarter. The global online payment market size was valued at $3,286.52 Bn in 2019 & is projected to reach $17,643.35 Bn by 2027, at a CAGR of 23.7% in forecast period 7. The "Proximity Payment Market by Offering and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering. The Top 3 and 5 Players Market Share by Contactless Payment Transaction Revenue in 2020. Data shows that China's third-party mobile payment market reached $18,809 billion in the first quarter of 2017, of which Alipay accounted for 53.7% while WeChat Pay accounted 39.51%. WeChat, the Chinese giant, has 1.15 billion monthly active users as of September . Overall, China's Third-Party Mobile Payment Market in Q2 2017 reached over 23 trillion, i.e. The third-party mobile payment transactions in China increased to 74.0 trillion yuan in the first quarter of 2021, a year-on-year increase of 39.1%, according to data from iResearch. The base year considered for the study is 2017 and forecast period is 2018-2026. Figure 7. Market Share - China Ecommerce Payment Market. China Contactless Payment System Market Size: 2021 VS 2027 (US$, Mn) Figure 6. Global Mobile Payment Market is primarily driven by the following factors: Mobile payment is being preferred over traditional banking methods. Mobile Wallet Market is forecast to reach $255 billion by 2025 at a CAGR of 15.2% during 2020-2025. DUBLIN, Nov. 25, 2021 /PRNewswire/ -- The "Global Digital Payment Market Size, Share & Trends Analysis Report by Solution, by Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), by . WeChat key statistics. Global Digital Payment Market is expected to reach the market valuation of US$ 167.6 million by 2026 expanding at a reasonable CAGR of 18.5% during the forecast period (2021-2026) from US$ 65.3 million in 2020. Mobile Payment Market Outlook - 2027. Increased use of technology in financial transaction and rise in various e-commerce platforms are expected to accelerate the mobile wallet market during forecast period. WeChat catched the trend of prosperous mobile payments in China and leveraged its customer base to expand and dominate the market. Alipay took 55% of the third-party mobile payment market share, TenPay - 39.8%, and other payment companies had a share of 5.8% in total, which clearly shows the duopoly of Alipay and TenPay . In 2018, the market share of mobile payments in China accounted for 83 percent of all payments, indicating an explosive growth from 3.5 percent in 2011. 4.1 Digital Payment Market Share By Mode of Payment, 2020 4.2 Bank Cards 4.3 Digital Currencies 4.4 Digital Wallets 4.5 Net Banking 4.6 Point of . Chapter 3 Global Market Competition by . Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027. Credit Card Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 Figure 5. The global payments market is expected to grow from $466.29 billion in 2020 to $517.68 billion in 2021 at a compound annual growth rate (CAGR) of 11%. This statistic shows the share of e-payment in online shopping in China from 2006 to 2015. Dublin, Dec. 03, 2021 (GLOBE NEWSWIRE) -- The "Global Contactless Payment Market Size, Share & Trends Analysis Report by Device, by Solution (Payment Terminal Solution, Security & Fraud Management), by Application, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering. From 2020 through 2025, transaction value will likely grow 16.3% in Europe, 15.2% in the US, and $11.2 in China. For a detailed analysis of the Digital payments . The "Contactless Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering. China Contactless Payment System Revenue, 2016-2027 (US$, Mn) Figure 7. North America 6.2.1. The Global Proximity Payment Market size is expected to reach $26. Further development of the rural e-payment market mainly depends on its partners' acceptance. With the boom of the third-party mobile payment industry, third-party mobile payments have seen a rising market share year by year and squeezed mobile banking progressively. WeChat has 3.2 million mini programs on its platform, which transacted 1.6 trillion RMB in 2020. The changing lifestyle, Increased smartphone penetration, and the latest online retailing trends, the mobile payments market in Asia-Pacific is . Tenpay has the biggest market share by penetration rate in China, with 92.7% in 2020. Asia-Pacific (China . Furthermore, it sheds. Segment - China Ecommerce Payment Market. The global online payment market size was valued at $3,286.52 Bn in 2019 & is projected to reach $17,643.35 Bn by 2027, at a CAGR of 23.7% in forecast period Amid the cut-throat competition in Chinese mobile payment market . China Contactless Payment System Market Size: 2021 VS 2027 (US$, Mn) Figure 6. Bank transfers take third place, occupying a 11 percent share of the online payments market. China is touted as the world's fastest-growing mobile payment market with many world's leading mobile payment companies, including Tencent and Alibaba dominating the industry. (Statista Market Outlook, 2021) In 2020, the UK is the biggest Digital Payments market in Europe with $218.3 billion. Payment app market was booming in China.. 6.1 By Segment 6.2 By Payment Method. The global mobile payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027. Smart Payment Market Share 2021 : Global Industry Size, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2027 with Leading Regions and Countries Data . The global credit card payment market reached a value of US$ XX Billion in 2021. . They take a 54 percent market share or $620.5 billion in sales. China: A Digital Payments Revolution September 2019 Share Chinese giants Alibaba and Tencent pioneered digital merchant payments and have driven the shift away from cash in the Chinese economy, where they now account for 90 percent of the $17 trillion mobile payments market. China leads with around 86 percent of its population tapping mobile payments, followed by Thailand at around 67 percent. In 2018, the scale of China's third-party mobile payment transactions reported RMB167.83 trillion, soaring by 59.7% year-on-year and holding 37.7% shares. These two payments together have over 90 percent market share, Alipay leads WeChat Pay by 14 percent. 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