Editor’s note: A version of this post first appeared on Jing Daily the leading digital publication on luxury consumer trends in China. 

While mobile payments have been off to a slow start in most of the Western world—even the rollout of EMV chip payments in the United States is far behind schedule—China has become the melting pot for mobile payment solutions. The mobile payment space has become fiercely competitive, with both market leader Alibaba and messaging giant WeChat scrambling for valuable market share. However, what was once a strictly domestic affair has expanded abroad, with China’s mobile payment providers now battling for Chinese tourists’ mobile payments on the global stage.

According to iResearch Global, the transaction volume of Chinese mobile payments reached 10 trillion Chinese yuan (US$1.45 trillion) in 2015 and is projected to reach 22 trillion yuan (US$3.20 trillion) in 2017. In comparison, the equivalent figure for the United States stood at a meager US$8.71 billion in 2015—in spite of efforts made by Apple and Samsung to promote mobile payment features in new smartphone devices. As a testament to the central stage mobile payments has taken in Chinese consumers lives, Ogilvy & Maher and Ipsos concluded in a survey of China’s mobile payment market that “[Chinese] mobile payment has permeated all aspects of life and changed basic, everyday habits.”

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Jing Daily

Jing Daily is the leading digital publication on luxury consumer trends in China. They publish up-to-the-minute news updates, reports on key trends, insights from leading industry figures, and in-depth...