The China contactless payment market is anticipated to grow at a CAGR 16.6% during the forecast period. Chinese consumers are adopting contactless payment and e-commerce methods at a faster rate as compared to the rest of the world. Increasing adoption of online retail, financial and on-demand services and prefers the use of contactless payment method. China has nearly 731 million internet users and around 70% of the internet users rely on contactless payment. With the development of the integration between mobile devices and internet technology, China is expected to have a large number of contactless payment users owing to a large number of mobile users as well as presence of major mobile manufacturers and service providers.
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The increasing proliferation of internet-of-things (IoT) devices which can potentially support contactless transactions would further boost the contactless payment market share. Additionally, fintech industry of country has reported substantial growth. China is moving towards intellectual finance due to established digitalization of financial industry. Integration of financial services with artificial intelligence is growing fast. In addition to this, Alibaba Group Holding Ltd. has launched its online payment wallet Alipay, to let the customer’s shop that lacked credit and debit cards. Tencent Holdings Ltd. has also launched its online payment wallet WeChat. Both the mobile wallets link the user bank’s account to smartphone applications.
According to CNNIC, a government agency, both the payment wallets have over 1 billion monthly active users prevailing contactless payment service and together holds 92% of the market share. China has now 502 million unique mobile payment users—almost as many as the 556 million mobile money accounts found in the rest of the world (CNNIC 2017, GSMA 2016). The major market players that are active in the market include Gemalto NV, Giesecke & Devrient GMBH, Heartland Payment Systems, IBM CORP., Infineon Technologies AG, Valitor HF, Verifone Systems, INC, VISA, INC. and Wirecard AG.
China Contactless Payment Market Segmentation
By Device
- Smartphones
- Smart Cards
- Point of Sale Terminals
- Other
By End-User
- Retail
- BFSI
- Transportation
- Others
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Company Profiles
- Gemalto NV
- Giesecke & Devrient GMBH
- Heartland Payment Systems
- IBM CORP.
- Infineon Technologies AG
- Valitor HF
- Verifone Systems, INC
- VISA, INC.
- Wirecard AG
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