腾讯-2017中国移动支付使用报告（英文版）-20178-29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 payment in China, focusing on the growth of the cashless lifestyle and its integration into daily life. It highlights the role of mobile payment platforms like WeChat Pay in transforming consumer behavior and business operations across various industries.

Main Points

• Smart Life and Mobile Payment: A "smart life" lifestyle is defined as one that seamlessly connects the online world and the real world through mobile internet and cloud computing. Mobile payment is the core element supporting this lifestyle.
• Growth of Mobile Payments: From 2013 to 2016, the number of non-banking mobile app transactions in China grew from 3.777 billion to over 97 billion, with a compound annual growth rate exceeding 195%.
• WeChat Pay Dominance: WeChat Pay has become the primary cashless payment method for daily small transactions in China. As of Q1 2017, WeChat and Weixin combined had 938 million monthly active users, representing a 23% year-over-year increase. By the end of 2016, Tencent had over 600 million active mobile payment accounts and daily transactions.
• Cashless Lifestyle Adoption: 40% of Chinese people regularly carry less than 100 RMB in cash. Younger generations (Post-90s) are more accustomed to a cashless lifestyle than older ones (Post-60s).
• Regional Differences: Mobile payment adoption is higher in Eastern and Northern China. 87% of people in the Eastern region are comfortable with a totally cashless life.
• Industry Penetration: Mobile payments are widely accepted across industries, with dining and retail sectors showing the highest adoption. Even street food stands now accept mobile payments, increasing trust between vendors and customers.
• Travel and Mobile Payments: Mobile payment is now the standard in travel, especially for taxi and hotel payments. It simplifies travel experiences and has become routine for many consumers.
• Future Prospects:
  • Mobile payments will help narrow the gap between urban and rural consumers.
  • It will contribute to improving financial credit ratings by linking daily consumption with credit systems.
  • It will enhance the inclusiveness of the financial system, especially for individuals without traditional credit records.
  • There is a need for innovative regulatory techniques to manage the challenges posed by mobile payments, such as network security and privacy protection.

Key Information

• Data Sources: The report is based on data from WeChat Pay and an online survey of 6,595 respondents.
• Report Authors: Tencent Research Institute, Renmin University of China's Chongyang Institute for Financial Studies (RDCY), and Ipsos.
• Global Impact: Chinese mobile payment solutions are being adopted globally, with WeChat Pay available in 13+ countries and regions and supporting over 13 currencies.
• Consumer Behavior:
  • 52% of Chinese consumers use cash for only 20% or less of their monthly consumption.
  • 74% of people can survive more than a month with less than 100 RMB in cash.
  • 84% of consumers feel calm without carrying cash, while 12% express concern.
• Mobile Payment's Role: It is not just a payment method but a key driver of a more inclusive, efficient, and convenient financial system.

Conclusion

The report emphasizes that mobile payments are reshaping the way Chinese people live and consume, offering a more seamless and efficient experience. It also highlights the potential of mobile payment to support financial inclusion and the development of a more transparent credit system. However, it acknowledges the need for continued innovation and regulation to ensure the security and fairness of this evolving ecosystem.