Payment Preferences - China - September 2016
“Chinese consumers are enjoying the benefits of mobile third-party payments way before the Western world. It is a joint result of the government support on payment development, the down-to-earth promotions of payment organisations and the open attitudes of consumers. The leading companies are exploring closer partnerships with banking institutions, domestic and overseas merchants, and foreign counterparts. In the future, the payment methods are expected to represent the users’ lifestyles and personalities.”
– Aaron Guo, Senior Analyst, China
This report answers the following key questions:
- How far is China from a cashless society?
- What is so fascinating about mobile payment?
- Where are the opportunities for payment service providers?
This Report focuses on how banks and third-party payment organisations can better market their products (eg bank cards, pay-by-credit services and all-in-one mobile payment apps) through analysing the online/offline payment behaviours of consumers and their attitudes towards different payment methods. This Report also looks into how these non-cash payments, including mobile NFC (Near-Field Communication) payment, are competing in the market, and how innovative plays can help them gain more market share.
This Report covers the following payment methods:
- Cards – including debit cards and credit cards, with or without chips
- Online payments – via a third-party payment tool (eg Alipay) using a PC or laptop
- Mobile payments – via a third-party payment tool (eg Alipay) using a smartphone or tablet
- NFC payments – using Apple Pay or Samsung Pay
- Prepaid cards.
This Report estimates the market size of third-party payment organisations (including inter-account transactions), discusses the competitive strategies and innovative plays of key companies (eg Alipay, Apple Pay) and analyses the consumer perceptions and usage behaviours of non-cash payment methods.
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