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The transaction value of mobile payments in China skyrocketed in Q4 2016, increasing nearly 42% compared with Q3 2016. According to Analysys International Enfodesk, overall value—which excluded banks, UnionPay and other financial institutions—totaled RMB12.815 trillion ($1.929 trillion).
With the fervor and enthusiasm around Singles Day—the biggest ecommerce sales day of the year—reaching new levels this past November, it’s not particularly surprising that transaction value was up vs. Q3 2016.
By comparison, mobile payment transaction value in Q4 2015 was up 29.1% against Q3 2015.
That strong growth points to serious mobile payment engagement among many consumers in China. Some 44% of internet users in China said they planned use mobile apps to make purchases during Singles Day.
Analysys found that the vast majority of mobile payment transaction value in Q4 2016 came via Alipay (54.1%) and Tenpay (37%), and Tenpay had more active users than any other third-party mobile payment app in China.
A January 2017 report from China Internet Network Information Center (CNNIC) estimates that 469.2 million mobile internet users in China made mobile payments in 2016.
Shifts in how retailers and consumer packaged goods (CPG) brands think about ecommerce, combined with an accelerating acceptance among consumers for buying food digitally, have boosted online sales of groceries. Retailers and brands are taking note of these changing consumer behaviors and offering more digital options for grocery shopping and delivery, which will continue to drive the trend upward in 2017 and beyond.
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