🍒 FACTS | Fintech and the Future of Finance - desssign

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Global and China Mobile Payment Industry Report, highlights the following: Global mobile payments market size, enterprise pattern, development in countries like the US, Japan and India, etc. By the end of , there had been million Chinese users of face-scanning payment in scenarios like supermarket, convenience store, shopping mall, vending machine and restaurant. As of the end of , a total of enterprises had obtained payment licenses in China, and the 34 licensees had been revoked. With the maturity of AI technology, face-scanning payment is quite popular among youngsters. Some companies can only win third-party payment licenses through acquisitions or mergers. Table of Contents.{/INSERTKEYS}{/PARAGRAPH} China, the world's largest mobile payment market, handled a total of This will tremendously boost mobile payment transactions in China where the amount of such transactions will reach RMB With the boom of the third-party mobile payment industry, third-party mobile payments have seen a rising market share year by year and squeezed mobile banking progressively. {PARAGRAPH}{INSERTKEYS}The outbreak of COVID pandemic worldwide has bolstered robust growth of mobile payment transactions. At present, the world-renowned mobile payment platforms encompass Apple Pay, Google Pay, Alipay, WeChat Pay, etc. Mobile payments in China are QR code centric ones. In , the scale of China's third-party mobile payment transactions reported RMB As expected, third-party mobile payments will enjoy higher market share than mobile banking by and occupy Amid the cut-throat competition in Chinese mobile payment market, the key players include China UnionPay, banks and other financial institutions, third-party payment companies, operators and terminal mobile phone vendors. With a tighter national control, the quota of third-party payment licenses in China has gradually decreased. According to the "FinTech" Development Plan issued by the People's Bank of China, QR code payments will be interconnected with a universal code before the end of Thus, QR code payments will head toward aggregate payments whose transaction size was RMB5.