China’s Retail Payments Market
Mobile Payments and a Developing Payments Ecosystem
Celent estimates that 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. It requires the establishment of an ecosystem which includes 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.
In the report China’s Retail Payments Market: Mobile Payments and a Developing Payments Ecosystem, Celent examines the size of the retail payments market, trends, regulations, and the competitive landscape.
“Many of the advantages that commercial banks enjoyed in the past will be lost gradually, but their core advantages will remain,” says Hua Zhang, Analyst with Celent’s Asian Financial Services Group and author of the report. “Nevertheless, if banks do not change with the times, they will be marginalized to merely having deposit accounts, and the very profitable advertising, credit, and financial services businesses will gradually move away from them.”
This report provides an overview of retail payments in China, including discussion of retail payments trends and vendor strategies.