Internet and mobile payments are inevitably changing the way people do transactions. As we transcended along with the growth of technology, the younger generations are no longer exposed with conventional payment process of cashing out from the ATM and paying everything with cash.
The digital era has brought user closer and closer to technology, especially to one device we brought closer than the rest, mobile phone. Not only the way mobile phones change the daily life, it changes habits, behaviors and even cultures with it. We are transforming everyday life digitally, not to mention paying transactions online, either from your computer or mobile device.
Beijing, the capital of China, particularly has the largest number of licensed companies for online transactions, 58, among the total 270. With China UnionPay (CUP) as one of the biggest player in China, CUP has exceeded 260 million Internet and mobile payment users along with transaction value over $1.9 trillion globally.
On the other hand, Alipay has also presented them as the biggest mobile payment provider with a market share of 79.9%, and 0.4% for CUP respectively. As two of the most influential MOLPay partners in China, CUP and Alipay altogether have dominated the online transaction market in terms of volume and presence.
With the ever-growing local and international (cross-border) transactions from China customers, it is mind blowing for any online business to ignore this growth. By 2018, it is estimated that the value of total transactions by third-party mobile payments in China would reach $2.87 trillion.
In the wake of the digital world, it is an opportunity as well as risk for any online business to cope with the constant changes.