Payment Preferences - China - November 2014
"The mobile and online payments market is still very young, but more people will quickly latch on to the convenience of mobile payment systems, and overcome current reticence. This will create a challenge for leading retail banks, but opportunities for online payment service providers, although this is already becoming a crowded market.
Consumers still need more convincing about convenience and security, and existing customers are prone to lapses in usage or to flit to competitor services. To retain customers, service providers need to communicate better with customers. They also need to provide more incentives for consumers and merchants alike to use their service, creating greater demand on both sides.
Alipay has come to dominate the market, and other providers need to focus on providing niche services adapted to niche consumer groups, to create a core base of loyal customers, from which to offer wider services to a bigger audience. But, the market is changing fast, and all those involved will have to adapt fast and remain innovative and responsive to changing market dynamics and consumer needs."
– Matthew Crabbe, Director of Research, Asia-Pacific
This report looks at the following areas:
- How well are people embracing new developments?
- Building regular payment habits is the most challenging task for all players to challenge Alipay
- Are people still putting more trust in banks to process their payments?
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