Proof Point
Mobile payments in China reached $15.4 trillion in 2017, 70 times size of U.S. with $220 billion, according to QuestMobile
U.S. vs. China in Mobile Payment Value
2016 – 2017E (US$ billions)
Proof Point Findings
- Mobile Payments – Transactions where goods or services are paid using mobile device, such as smartphone or tablet
- China Dwarfs U.S. – QuestMobile reports mobile payments in China reached $15.4 trillion in 2017, 70 times the U.S.’s estimated $220 billion
- 2016-2017 Growth – China’s mobile payments grew 180% in 2017, from $5.5 trillion in 2016, while U.S. rose 96.4%, from $112 billion in 2016
- Key Players – Alipay and WeChat Pay processed most mobile payments transactions in China, while Starbucks' platform and Apple Pay drive mobile payments in U.S.
- Key Growth Drivers – Include growing consumer adoption of cashless payment methods, greater consumer spending, and rapid growth in number of merchants accepting mobile payments
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Market Disruption |
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Sector |
Financial Services, Wholesale and Retail Trade
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Source |
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Date Last Updated |
September 21, 2018
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