China Mobile Payments Forecast 2021

Government Crackdowns and Innovation Could Disrupt a Mature, Duopolized Market

Executive Summary

Mobile payments are near universal across use cases in China, thanks to high mobile penetration and the rise of a wallet duopoly that’s made them accessible, affordable, and convenient. Providers must duel for share of spend, rather than new users, but government crackdowns and a state-run alternative could shake up the market’s competitive structure.


  1. What trends are helping to accelerate growth in China’s mobile proximity and mobile peer-to-peer (P2P) payment market?
  2. What market dynamics are driving consumer behavior trends, and how are they impacting providers’ revenues, competitive positioning, and performance?
  3. How can providers tap into this growth to attract new users and boost engagement?

WHAT’S IN THIS REPORT? Factors driving consumer habits around proximity and P2P mobile payments, market dynamics affecting providers’ business performance in the space, and actionable steps providers can take to secure users and grow their mobile payment business in China.

KEY STAT: We expect the number of proximity mobile payment users in China will grow from 735.0 million to 796.4 million between 2021 and 2025.

Here’s what’s in the full report


Exportable files for easy reading, analysis and sharing.


Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  4. China Proximity Mobile Payments
  1. China P2P Mobile Payments
  2. Factors Shaping Mobile Payment Usage
  3. Factors Impacting Mobile Payment Players’ Revenues
  4. How Providers Can Capture Growth Within China’s Mobile Payment Market
  1. Read Next
  2. Sources
  3. Media Gallery

Access All Charts and Data

Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, included at no extra cost.


Jaime Toplin


Daniel Decea
Researcher, Financial Services
Nazmul Islam
Junior Forecasting Analyst
Cindy Liu
Senior Forecasting Analyst
David Morris
Principal Analyst

"Behind the Numbers" Podcast