Over the past “Golden Week” national holiday, statistics show that the number of overseas payments with Alipay has increased more than seven times year on year, with a per capita consumption of 1,480 yuan (US$223.7), the 21st Century Business Herald reported.
At the same time, around 3.7 million users used Alipay to find local dining, drinking and business information.
Public data shows that in 2012, China’s mobile payment market saw a transaction scale of 151.14 billion yuan.
As of the end of 2016, the transaction size reached 157 trillion yuan, more than 1,000 times growth in four year’s time. The mobile payment market size in China is now 50 times that of the US, the report added.
Third-party payment agencies, Union Pay, traditional banks and competition from other market forces, has been the industry’s main driving force, which brings endless innovation, the report said.
“Over the past five years, Alipay has almost led all the innovations in the history of payments, including secured transactions, quick payments, mobile payments, face recognition, blockchain, artificial intelligence, internet of things and cloud computing,” said Cheng Li, CTO of Ant financial. “These basic models of technology have supported Alipay’s every innovation.”