Mobile payment is the new norm!

Smartphones are taking over China. Almost everyone in China’s major cities is using a smartphone to pay for just about everything.

Did you know?

  • Chinese mobile payment volume more than doubled to $5 trillion in 2016, according to analysis data cited by Hillhouse Capital.
  • The reliance on mobile payment is putting pressure on overseas tourist destinations. The number of stores accepting Alipay in Japan, a popular shopping destination, is set to double to 45,000 by the end of 2017.
  • Chinese electronic payments are expected to reach 300 trillion RMB by 2021.

What does this mean for brands?

  • WeChat pay is a must have feature when purchasing products and services in China.
  • Promoting a QR code on offline materials instore, at exhibitions and events, is essential to drive customers to your WeChat account and store.
  • Offering WeChat pay and Ali Pay in stores to inbound Chinese is critical for capturing the tourism market.

A bit more about WeChat and WeChat pay

  • WeChat is currently China’s most used social app, with over 877 million active users a day!
  • WeChat pay is China’s 2nd largest payment channel, accounting for 40% of the market.
  • WeChat pay currently has a yearly user balance transaction limit of 200,000 RMB (roughly 30,000 USD). For power, this limit has caused some pain to WeChat pay users and small businesses.
  • WeChat pay has just lifted its maximum payment limit, so you can buy large purchases such as cars directly through WeChat pay.
  • You would be hard placed to find anywhere in China that doesn’t accept WeChat pay as a method of payment. This extends to paying for taxis and even street food.
  • This is a great opportunity for luxury brands – just 1 click to purchase!

Thank-you to CNBC’s Morgan Brennan for the data.

Click here if you want to find out how to better use WeChat to grow your customer base!

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