Online payment in China - additional information
Online payment transactions made between users and merchants on the internet have increased rapidly over a relatively short period of time in China. In 2009, only about 505 billion yuan were transacted online whereas in 2015 online transactions were estimated at 11,900 billion yuan. Business to Consumer (B2C) e-commerce is still the most used type of online payment transaction, followed by flight ticket booking, but other types of online payment transactions are growing as well. There are a variety of third-party payment platforms which are licensed to complete online payment transactions, Alipay being the largest third-party platform with close to a 50 percent share of the market (426679). Other less used payment platforms include Tenpay, Chinaums and others. There is still significant room for market penetration as less than 50 percent of internet users are using online payment services. The largest share of internet users using online payment services are young adults, but service penetration decreases with age. The biggest user concern with regards to online payment includes convenience, yet there are also significant concerns over the safety of the platform. Further reasons people have not adapted online payment methods is because they find it unnecessary.