The mobile payment transactions totaled 14.92 billion with an amount of 62.88 trillion yuan (US$9.09T) in Q2 2018, an increase of 73.09% and 60.24% year-on-year, respectively. The mobile payment users were expected to reach 650 million by the end of 2018. The young are the major users of mobile payment. 59.9% of mobile payment users bought financial products. Yu'E Bao was the most favored one.
In China, there are 562 million mobile payment users in 2017, an increase of 21.6% from the previous year. The figure was estimated to reach 650 million by the end of 2018, according to the report from iiMedia Research.
The mobile payment users were almost evenly split in gender. Young users less than 30 years old accounted for 61.91% of the total. Those earned no more than 5,000 yuan (US$722.48) a month was the majority (60.98%).
55.2% of users spent less than 3,000 yuan (US$433.49) a month via mobile payment.
In offline scenarios, Mobile payment was most frequen...
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