Tag: tencent

Mobile commerce surges in China during the Lunar New Year

New Year’s celebrations lead to more mobile spending throughout China

The Lunar New Year has come and gone and mobile commerce surged during the Chinese holiday. During the Lunar New Year, those living in China send one another traditional red packets, called hong bao. These red envelopes typically contain money and is something that many people look forward to receiving every year. With the emergency of mobile technology, the way people give hong bao to one another has changed, which has been good news for mobile commerce in general.

Payment platforms enable consumers to send and receive hong bao efficiently

Both WeChat and Alipay enable people to deliver hong bao cards to one another. Both platforms have become very popular in China, as they allow people to make purchases and send money to others. These two platforms have allowed mobile shopping to thrive in China and have given their owners, Tencent and Alibaba respectively, a competitive edge over those that would try to enter into China’s mobile commerce market. During the Lunar New Year, the platforms proved to be particularly effective in serving mobile consumers.

The number of hong bao being send through mobile services continues to rise ad mobile payments become more common

Chinese New Year - Mobile CommerceAccording to Tencent, more than 8 billion hong bao cards were exchanged during the Lunar New Year. This is eight times more than the number of hong bao that were sent last year. This is actually a trend that has been seen over the past few years. More consumers are becoming mobile-centric, which is making them more comfortable with the concept of mobile payments and how their devices can be used to connect with one another.

China continues to be an attractive mobile commerce market for many

This year, the hong bao may highlight the growing importance of mobile payments systems, as well as their value. During the third quarter of 2015, China’s mobile commerce space was valued at approximately $368 million. The country is considered the fastest growing mobile payments market in the world, attracting the attention of other companies that are in this sector.

Report predicts the explosive growth of the global mobile payments market

TrendForce predicts surge of the global mobile payments market through 2019

The global mobile payments market is expected to surge this year. TrendForce, an analyst firm based in Taiwan, has released a new report that predicts the strong growth that the market will experience, with growth expected to pick up momentum through 2019. According to the report, the number of mobile payments being made is expected to reach $620 billion by the end of this year, up from the $450 billion that was recorded in 2015.

Companies look to find a place in China’s mobile commerce market

TrendForce believes that Apple Pay, Samsung Pay, and similar services from large companies will become more popular throughout the world. The growth of the mobile payments market is expected to be secured in China, where companies are fighting for the favor of those interested in mobile commerce. China is considered the world’s largest and fastest growing mobile payments market, with several companies specializing in digital commerce having found major success by engaging the growing number of mobile consumers.

Alibaba and Tencent ensure that consumers are involved in the mobile commerce space

Mobile Payments Report - Explosive GrowthMassive companies like Alibaba and Tencent have established a powerful foothold in the mobile payments market. These companies have ensured that it will be difficult for other companies to compete in China. These companies have also succeeded in making mobile payments more secure, which has created a great deal of confidence among consumers and ensuring that they will participate in the mobile commerce space.

Biometric technology will make the mobile payments space more secure

According to the report from TrendForce, the global mobile payments market will hit $930 billion by 2018 and $1.08 trillion by the end of 2019. By that time, mobile transactions are likely to be protected by biometric technology. TrendForce expects that more than 40% of smartphones throughout the world will be equipped with fingerprint scanners, which will be used to protect consumer information when they are making a mobile transaction. This degree of security is likely to encourage more consumers to make mobile payments in the coming years.