KUALA LUMPUR 9 JULY 2020 – The first quarter 2020 saw the first time reduction of 4% in the total size of third-party mobile payment transactions in China.
A new report by iResearch Consulting Group indicates that the volume reduced to RMB53.2 trillion (RM32.39 trillion) compared to the same period last year as a result of the COVID-19 pandemic.
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% market share, a 1.6% increase year-on-year.
Tencent's Tenpay which owns WeChat Pay and QQ Wallet comes in second with a market share of 38.8%.
Prior to COVID-19, China’s offline businesses have been a key driver for mobile payments with a majority of businesses including shopping malls and restaurants accepting cashless payments via QR code or face scans.
As China’s economy recovers and offline businesses resume their operations, iResearch anticipates the Chinese digital payment market to rebound in the second quarter of 2020.
“Third-party payment solution providers should look beyond payment volume alone, and work on their capability to integrate and offer consumers and business clients, additional technology solutions within their applications that can be viewed as instrumental to the market moving forward,” said the report.
The lockdown restrictions have caused Chinese businesses to accelerate their digital transformation particularly for the benefit of the country’s service industry. Alipay is well-positioned to empower this advancement across the industry.
Originally introduced in 2004 as a platform to allow sellers and buyers to trade online, Alipay has since evolved into a convenient go-to app for Chinese consumers to access all types of daily life services.
These daily life services provided by third-party partners include paying utility bills, ordering groceries, booking a doctor appointment, and making hotel reservations, and has the potential to reach out to Alipay's 900 million user base. - DagangNews.com
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