China – Mobile Payments Market Snapshot
Juniper’s new research, Strategies for Payment Providers: Opportunities, Risks & Competition 2017-2021,
estimates that the total value of digital payments will reach $5 trillion by 2021, up from just under $3.7 trillion this year. The bulk of these payments (currently 79% by value) are accounted for by online purchases of digital and physical goods; this proportion will fall only marginally over the forecast period.
While China is now comfortably the largest market for eRetail, and is also beginning to see traction in offline contactless mobile payments, the opportunity for payment providers outside China will amount to $3.4 trillion annually by 2021; hence the desire of UnionPay, Alibaba and Tencent to build on their domestic operations through international expansion.
This infographic shows a snapshot of the mobile payments market in China for 2016.