2017中国移动支付使用报告（英文）_29页-1mb

2017 Mobile Payment Usage in China Report Summary

Core Content

This report provides an in-depth analysis of the adoption and impact of mobile payments in China, focusing on the role of WeChat Pay and the broader implications of a cashless society. It highlights how mobile payment technologies are reshaping consumer behavior, business operations, and the financial ecosystem in China.

Main Views and Key Information

1. Mobile Payment as a Core Element of Smart Life

• Smart Life Concept: A lifestyle that seamlessly connects the online world and the real world through mobile internet and cloud computing, enhancing convenience and accessibility.
• Mobile Payment's Role: Mobile payment is the core element supporting this lifestyle, enabling the free flow of information, materials, and capital across time and space.

2. Rapid Growth of Mobile Payment Usage

• Transaction Growth: From 2013 to 2016, the number of non-banking mobile app transactions in China increased from 3.777 billion to over 97 billion, with a compound annual growth rate exceeding 195%.
• User Base: As of Q1 2017, Weixin and WeChat combined had a monthly active user base of 938 million, representing a 23% year-over-year increase.

3. WeChat Pay Dominates Daily Transactions

• Adoption: WeChat Pay has become the primary cashless payment method for small, daily transactions in China.
• Transactions: By the end of December 2016, Tencent's active mobile payment accounts and daily payment transactions both exceeded 600 million.

4. Regional and Demographic Adoption Patterns

• Regional Penetration: Mobile payments are more widely adopted in Eastern and Northern China compared to other regions.
• Age Groups:
  • Post-60s: Only 13% of respondents carry more than 2,000 RMB in cash.
  • Post-90s: 52% of respondents use cash for only 20% or less of their monthly consumption.
• Gender: Women tend to carry less cash than men on a daily basis.

5. Cashless Lifestyle Acceptance

• Acceptance Rate: 87% of respondents in Eastern China are fine with a totally cashless life.
• Cash Dependency: 73% of people use cash only when it is the sole accepted payment method, while 84% are calm about not carrying cash, preferring mobile payments.

6. Industry Penetration

• Dining: Almost all dining establishments accept mobile payments, with fast-food chains and street food vendors leading the way.
• Retail: Convenience stores have the highest frequency of mobile payment usage, surpassing traditional credit card and cash methods.
• Entertainment: Mobile payments are most popular for purchasing movie tickets, especially with the ease of online pre-orders.
• Travel: Mobile payments are now the standard for paying for taxis, hotels, tourist attractions, and gas stations.

7. Future Prospects

• Narrowing the Urban-Rural Gap: Mobile payments are expected to reduce financial disparities between urban and rural consumers by lowering costs and improving access.
• Credit Rating System: Mobile payment data is integrated into financial credit systems, helping to build creditworthiness for individuals without traditional collateral or credit records.
• Inclusive Financial System: Mobile payments support the development of an inclusive financial system by increasing financial equality and accessibility.
• Regulatory Needs: As mobile payment technologies evolve, there is a growing need for innovative regulatory techniques to ensure security, privacy, and effective governance.

8. Global Impact of Chinese FinTech

• Global Adoption: Chinese solutions and models for digital financial services are being increasingly adopted worldwide.
• FinTech Contribution: Chinese FinTech companies, starting with mobile payments, are contributing to the global development of financial technologies and promoting digital inclusive finance.

Conclusion

The report underscores the transformative impact of mobile payments on Chinese society, emphasizing their role in enhancing daily life, fostering economic growth, and promoting financial inclusion. It also highlights the need for continuous innovation and regulation to support the future of cashless transactions and digital finance.