2017 MOBILE PAYMENT USAGE IN CHINA REPORT
Smart Life: A Cashless Reality
August 2017Based on comprehensive sampled data from WeChat Pay from January to June 2017 in 324
Chinese cities, Tencent Research Institute analyzed the development and penetration of
mobile life in China. Tencent Research Institute (TRI) is the social-economic research
branch of Tencent. TRI dedicates most of its efforts to better understand how technology,
with the internet in particular, has changed and will change Chinese society.
Based on WeChat Pay data and an online survey of 6,595 respondents, Ipsos observed
user behavior and consumer use cases of the cashless lifestyle. Ipsos, an independent
worldwide research group founded in France in 1975, specializes in media & brand
communications, customer loyalty, marketing, public affairs research, and consumer survey
management.
The Chongyang Institute for Financial Studies at Renmin University of China (RDCY)
analyzed the formation, status, future and implications of China’s cashless society. RDCY,
established in 2013, is a think tank which recruits former political leaders, leaders from the
banking industry, and preeminent scholars as senior fellows for the study of finance.
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report. Copyright for the English version of this report is owned by Tencent, RDCY,
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WeChat OA: ChinaTechInsightsSmart life is a lifestyle that connects the online world and the real world
seamlessly via the mobile internet, cloud computing, and other advanced
technologies resulting in the free flow of information, materials, and capital across
time and space, resulting in daily life becoming richer and more convenient.
Mobile payment is the core element supporting this lifestyle. Statistics from the
Payment and Clearing Association of China show that from 2013 to 2016, the
number of transactions made through non-banking mobile apps increased from
3.777 billion to more than 97 billion, with a compound annual growth rate of over
195%.
WeChat Pay has become the main cashless payment method for daily small
transactions in China. As of Q1 2017, Weixin and WeChat combined have a
monthly active user base of 938 million users, with a YoY increase of 23%. At the
end of December 2016, Tencent’s active mobile payment accounts and daily
payment transactions both exceeded 600 million. WeChat Pay is becoming a part
of Chinese people’s everyday life.
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