China leads digital payment adoption globally: Report
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China has the highest adoption rate in the world for technology-enabled payment systems, the media reported on Thursday.
In a survey of 13,000 respondents in 26 countries, 86% of Chinese respondents said they paid for online purchases during the past six months via digital payment systems compared with a global average of just 43%, the China Daily reported.
The survey report by the market research firm Nielsen was issued on Wednesday
About 98% of the respondents in China, the world’s largest e-commerce market, said they had made purchases online.
At 71%, food-related businesses topped the list of purchases made via smartphones while event ticket purchases stood at 51%.
The rising use of digital payments has attracted numerous players to the Chinese market.
Apple launched its contactless payment system Apple Pay in the Chinese mainland last month. It allows users of the iPhone 6 or more advanced versions, certain iPads and Apple Watches to pay by their devices in bricks-and-mortar stores.
The new service immediately became a hit.
Samsung Electronics Co Ltd is expected to bring its own mobile payment service to China in mid-March.
China’s internet giants Alibaba Group Holding Ltd and Tencent Holdings Ltd have already taken about 90% of the mobile payment market, but industry observers said the competition is just about to start.
Questions & Answers
Q.What percentage of Chinese respondents reported using digital payment systems for online purchases in the last six months?
What percentage of Chinese respondents reported using digital payment systems for online purchases in the last six months?
A substantial 86% of Chinese respondents indicated they had paid for online purchases via digital payment systems in the past six months, significantly higher than the global average of 43%.
Q.Which product category was most frequently purchased via smartphones in China?
Which product category was most frequently purchased via smartphones in China?
Food-related businesses were the most popular category, with 71% of purchases made via smartphones. Event ticket purchases followed, accounting for 51% of transactions.
Q.Which companies currently dominate China's mobile payment market?
Which companies currently dominate China's mobile payment market?
China's internet giants, Alibaba Group Holding Ltd and Tencent Holdings Ltd, have already secured approximately 90% of the mobile payment market in the country.
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