Celent Banking Webinar: China's Retail Payments Market
Celent estimates the size of China’s e-commerce market will reach US$550 billion in 2015, and by 2020, China's e-commerce will account for 50% of the total turnover of the retail industry. At that time, third party online payments and mobile payments will exceed credit card and cash payments.
Today, the retail payments industry is no longer just about monetary transfers, and it requires the establishment of an ecosystem which includes the following: e-malls, social networks, money market funds, industry-segmented payments (movie ticket payments and restaurant payments are very different), mobile payments, credit, map services, and O2O (online-to-offline) partner management. Users would be able to find the commodities that they would like to purchase and the places of purchase within this ecosystem, and complete their payments (via various payment methods including payment by installments and credit payments) and share their purchase experiences with friends. In this entire payment ecosystem, banks will face a lot of competitive pressure.
If the banks do not change with the times, they will be marginalized to become merely bank accounts, and the immensely profitable advertising services, and credit and financial services will gradually move away from commercial banks.
This event is free to attend. For more information or a copy of the presentation, please contact Marie Aquino at +65 6510 9784+65 6510 9784 or firstname.lastname@example.org.
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