The China contactless payment market is anticipated to grow at a CAGR 16.6% during the forecast period. Chinese consumers are adopting contactless payment and e-commerce methods at a faster rate as compared to the rest of the world. Increasing adoption of online retail, financial and on-demand services and prefers the use of contactless payment method. China has nearly 731 million internet users and around 70% of the internet users rely on contactless payment. With the development of the integration between mobile devices and internet technology, China is expected to have a large number of contactless payment users owing to a large number of mobile users as well as presence of major mobile manufacturers and service providers. 

The increasing proliferation of internet-of-things (IoT) devices which can potentially support contactless transactions would further boost the contactless payment market share. Additionally, fintech industry of country has reported substantial growth. China is moving towards intellectual finance due to established digitalization of financial industry. Integration of financial services with artificial intelligence is growing fast. In addition to this, Alibaba Group Holding Ltd. has launched its online payment wallet Alipay, to let the customer’s shop that lacked credit and debit cards. Tencent Holdings Ltd. has also launched its online payment wallet WeChat. Both the mobile wallets link the user bank’s account to smartphone applications. 

According to CNNIC, a government agency, both the payment wallets have over 1 billion monthly active users prevailing contactless payment service and together holds 92% of the market share. China has now 502 million unique mobile payment users—almost as many as the 556 million mobile money accounts found in the rest of the world (CNNIC 2017, GSMA 2016). The major market players that are active in the market include Gemalto NV, Giesecke & Devrient GMBH, Heartland Payment Systems, IBM CORP., Infineon Technologies AG, Valitor HF, Verifone Systems, INC, VISA, INC. and Wirecard AG.

Research Methodology

The market study of the China Contactless Payment market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for the electronic and IT industry, ICT (Information and Communication Technology) and other related companies for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. The China Contactless Payment  Market Research and Analysis by Device
2. The China Contactless Payment  Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the China Contactless Payment market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the China Contactless Payment market.
• Insights about market determinants which are stimulating the China Contactless Payment market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.