New study has found that Chinese mobile payments were booming, 50 times greater than those in the US.
Mobile payments on the rise in China
Research from iResearch in China has revealed that mobile payments in China more than tripled in 2016, reaching a number of $ 5.5 trillion. The market was dominated by WeChat Pay and Alipay, operated by Ant Financial, as cryptocoinnews.com explained.
Another recent study showed that Alipay received the biggest investment in 2016 at $4.5 billion. At the same time, the FinTech funding in China increased.
According to Forrester Research, mobile payments in the US increased by 39 percent, reaching $112 billion, as cryptocoinnews.com noted.
The Forrester`s predictions are that China will continue to dominate the mobile payment market by 2019, as cryptocoinnews.com reported. More specifically, the US is estimated to increase its mobile payments by 2.6 times as compared to those in 2015. On the other hand, payments in China are said to rise by 7.4 times during the same period.
China`s FinTech market is growing
The FinTech industry in China is now dominated by two major markets: payments/remittances and insurance. Banking services customers, specifically 40% of them, rely on fintech platform and applications. Another 35% of bank customers use smart AI-based fintech services to deal with insurancee.
The rise in online shopping has led to the growth of Chinese mobile payments. Also, cryptocoinnews.com reported that online financial services in the country witnessed improvements.
In 2015, WeChat Pay, a virtual concierge and purchasing agent, announced that it now accepts Bitcoin to create and fund Alipay account for customers who wish to buy items in China without the use of an agent.
“This is the equivalent of being able to deposit bitcoin into the Chinese version of PayPal”, commented David Lancashire, founder of WeChat Secretary in an interview with cryptocoinnews.com.