![]() ![]() In terms of daily expenses, the proportion of third-party payment accounts for 58%, of which mobile payment accounts for 47% and cash payment accounts for 19%. The growth rate of mobile payment transaction volume seems to have slowed down (the annual transaction volume in the previous survey increased by about 25.7% and the annual number of transactions increased by about 25.5%).Īllocated to a single transaction, the average amount of the transactions is about 157 Yuan, while the average number of payment made by one person is 4 per day, still featuring small amount and high frequency. The annual number of transactions reached 1.17 trillion, an increase of about 12.8%. ![]() The annual transaction volume of third-party mobile payments reached 183.79 trillion Yuan, an increase of about 20.3% over the previous period. The overall transaction volume of mobile payment continues to grow, accounting for nearly half of the daily consumption payment. Therefore, actively integrating internet finance technology and promoting “overseas payment” will become the growth path for all payment brands in the sector. The mostly-stable user base means that mobile payment has entered the competition for wallet shares in the existing market. While the penetration rate remains high, the growth of mobile payment users has become increasingly saturated. The total transactions of China’s 3rd-party mobile payment reached 55.4 trillion yuan in Q1 2019, with an increase of 24.7% YoY, according to data from iResearch.ĭata from the Ministry of Industry and Information Technology show that, by the end of February 2019, the total number of mobile internet users in China was about 1.41 billion, and the number of users using mobile phones to surf the internet was 1.27 billion.Īlso considering that one person may have more than one mobile phones, it is estimated that the number of mobile payment users is about 1.01 billion, an increase of about 2.0% over the previous survey.Īmong consumers aged 16-59 y-o, the scale of mobile payment users is about 810 million, accounting for 80.2% of the total. Although a relatively high growth rate as compared to the survey result of December 2018 which is the previous period, the rate’s growth is slowing down. ratio of users using the service within the last three months) is 95.1%. According to an Ipsos survey, the penetration rate (i.e. Suppose an e-CNY has been minted and released In that case, it can be exchanged, stored, and spent by various businesses (exchanges, wallets, financial services) and individual traders trying to escape the cryptocurrency markets’ often severe uncertainty, and the security backed by Chinese Bank Reserves.The number of mobile payment users has reached a saturation point, and the growth is drawing to a close. ![]() e-CNY would eventually lead to a cashless world.Įach e-CNY is exchangeable for a corresponding exchange rate to the Chinese yuan backed by the Chinese government. Cashless transactions accounted for four out of five payment transactions in 2020, totaling 320 trillion yuan (US$49 trillion). In recent years, China has moved closer to being a cashless country. Both commercial and central banks including Blockchain holders are keeping the detailed records of the flow of digital currency, so the beauty of this token is, it can’t be stolen or spend illegally, in any of these cases the transfer will be traced and the first holder will get the same amount of e-cny with official police complaint anywhere in the world. Commercial banks will potentially be involved in distributing digital currencies and will be required to deposit the same amount of reserves with the e-CNY as they distribute. The Electronic Payment providers are going to implement the integration of this token for digital payments the top of list Chinese companies in the earlier trials are Tencent’s WeChat Pay, Alibaba’s, Alipay.ĭigital money intends to replace cash in circulation rather than long-term bank deposits. ![]() Finally, China has introduced its first Central Bank Digital Currency (e-CNY), or Digital Yuan, which was developed using its new payment system and it’s built on top of Binance Smart Chain blockchain. ![]()
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