In 2014, China e-payment system was safe, stable, and efficient in operation, its GMV kept growing as well. Besides, users’ habit of using all kinds of e-payment was rapidly cultivated. 2015 China E-payment User Report, which will be released by iResearch in the coming days, makes an analysis of the usage of the third-party Internet payment, the third-party mobile payment, online banking and mobile banking, aiming at discovering user’s habit of using e-payment by means of horizontal comparison.
The third-party Internet payment was used most frequently.
The third-party Internet payment holds the largest proportion in 2014 China e-payment modes, occupying over 62.0%, followed by the third-party mobile (49.8%) and online banking payment (46.8%). These three e-payment modes all exceeded pos payment (36.7%) in market share.
iResearch thinks that three factors contributed to high frequency of using the third-party payment and bank e-payment. First, a variety of enterprises pay great attention to the development of e-payment, which can be seen from the fact that electronization of banking business is rising due to the growth of banking electronic level, meanwhile, the third-party payment enterprises spare no efforts to develop scenario laying, marketing and user education. Second, regional payment infrastructure has little limitation to e-payment, which makes e-payment easily reach to villages and towns and thus expand user coverage. Third, the popularity of the Internet and smart devices provide fertile ground for vigorous development of e-payment, for example, increasingly convenient and smooth payment experience, launching of new safety measures and innovation of diversified payment scenarios, which allow users move to e-payment channels.
Distinct payment scenarios led to different options of payment.
IResearch made a research on China netizens’ option of various payment in 2014. Among e-banking, the usage rate of online banking was higher than that of mobile banking in various payment functions, indicating that netizens were more likely to use online banking. In contrast, online banking were preferential payment in large-amount, low-frequency payment scenario, while mobile banking were most frequently used in small-amount and high-frequency payment scenario. Among the third-party payment channels, the usage rate of mobile payment was generally higher than that of internet payment, which showed that users move to mobile payment.
On mobile devices, the whole penetration of mobile banking were lower than that of the third-party mobile payment, while functions like transfer accounts, credit card repayment and financial payment in mobile banking were favorite of users in 2014. Among the third-party mobile payment, online shopping payment and travel payment were priority for users. Nevertheless, Netizens preferred online banking on PC. Online banking was the first choice in transfer account, financial product and education payment. While internet payment were preference for users in online shopping, phone charge payment and lottery purchasing and so on. When transferring accounts, paying credit card debt and buying financial products, more users preferred to use bank e-payment channels in consideration of account safety and use habit. However, users tended to choose the third-party payment channels in online shopping payment, travel booking and phone charge payment for the sake of convenience.
The usage frequency of the third-party payment was higher than that of bank e-channels.
In 2014, users who used the third-party internet and mobile payment 4-8 times per month took the largest proportion, 31.8% and 33.5% respectively in China third-party payment market. Besides, users who used mobile banking and online banking 1-3 times per month accounted for 32.2% and 35.9% respectively, the largest proportions in China e-banking market. Therefore, the third-party payment channels have the highest usage frequency, compared with e-banking,.
iResearch believes that because usage frequencies of payment is closely linked to using scenario, diverse usage frequencies of payment can be attributed to different commonly-used payment scenarios. For example, high-frequency usage of e-payment usually occur in online shopping, catering, phone charge payment in which users prefer to choose the third-party payment channels, while users prefer to choose banking e-channels in low-frequency transfer accounts and credit card repayment scenarios.