The Yuanbao Group, in collaboration with the China Insurance and Pension Research Center at the School of Finance of Tsinghua University, recently published the "2022 China Internet Insurance Consumer Insight Report" (hereinafter referred to as the "Report").

As the economy recovers and market confidence improves, insurance awareness and demand awakened during the pandemic are expected to be unleashed, ushering in a new growth cycle for the Chinese insurance industry, says Li Hong, head of the marketing department at Yuanbao Group.

The Report provides a detailed analysis of the consumption behavior of Internet insurance users, focusing on insurance expenses, purchasing channels, product demand, and claims services while also describing typical consumer demographics in detail.
Millennials Show the Strongest Acceptance of Internet Insurance
Li Hong highlights that among all age groups, Chinese millennials, or those born in the 1980s, have the strongest acceptance of internet insu...

QR code payment is still the most commonly used payment method for mobile payment users in China according to China Payment & Clearing Association's research.

"Which payment do you use more in daily life?" 

According to recent research conducted by the China Payment & Clearing Association, QR code payment remains the most frequently used payment method for mobile payment users in China.

In the offline environment, mobile payment users predominantly utilize WeChat Pay, Alipay, and UnionPay's Cloud Flash Pay, with respective usage rates of 87.9%, 85.3%, and 80.3%.

In 2021, both WeChat Pay and Alipay shared a similar market share. However, by 2022, WeChat Pay had gained a clear advantage.

The majority of mobile payment users are young to middle-aged individuals, but the number of older users has been steadily increasing. Among them, those aged 18-40 account for 70% of total users, while thos...

The third-party mobile payment transactions in China increased to 74.0 trillion yuan in the first quarter of 2021, a year-on-year increase of 39.1%, according to data from iResearch.

iReserarch forecasts China's third-party mobile payment market would reach 74.2 trillion yuan in the second quarter of 2021.

China's third-party mobile payment is mainly composed of three major sectors: personal applications, mobile finance, and mobile consumption. It is expected that in the second quarter of 2021, the consumer sector will see a certain percentage increase driven by 618 and other promotional activities, while the personal application sector will decline accordingly.

In the first quarter of 2021, QR code payment transactions was approximately RMB 10.6 trillion, which was slightly lower than the previous quarter due to the instability of commercial transactions during the Spring Festival.

iResearch believes that QR code payment transactions in the second quarter of 2021 i...

Tencent made a total of about US$120 billion in 2020 through its minority stakes in about 100 listed companies. Such achievements are enough to make any venture capital company in Silicon Valley envious.

Tencent is one of the largest and smartest technology investors in the world, holding shares in a range of companies, including Snap and Meituan. It even had a 5% stake in Tesla.

According to Sina News, Tencent gained about US$120 billion in total in 2020 through its minority stake in about 100 listed companies, which is about six times its expected profit in 2020.

The increase highlighted Tencent's activity as a stock investor, far more than Apple, Alphabet, Microsoft, and Facebook, which have abundant cash reserves. Most of these companies invest their cash conservatively in bonds and government securities.

Tencent, by contrast, invests part of the cash it generates in a wide range of equity investments.

As of the end of 2020, Tencent's shares of listed companies (excl...

By 2025, blockchain-based electronic voting solutions will become the mainstream solution, and 5% of jurisdictions will conduct blockchain voting system testing in China, according to IDC.

By 2024, the healthcare blockchain digital identity standard will come from the National Health Commission or other health institutions, and the following four aspects can be achieved:

medical data interoperability
complete customer/patient data information
patient "health scores"
AI technology based medical system services

By 20...

By 2022, 75% of consumer and small business loans will be made through automated processes supported by artificial intelligence, according to a forecast from IDC.

Check out IDC's top 10 forecasts for China's financial services industry in 2021.

1. smart loan decision

By the end of 2022, 75% of lending decisions in retail banking will be supported by emerging financial technologies, which highlights the acceleration of cooperation between banks and new financial technologies.

2. digital identity management

By the end of 2023, 5% of banks will improve customer experience, innovate business models, and achieve business growth through unified customer digital identity authentication.

3. booking transactions

By 2022, about 60% of the transactions in bank branches will be carried out in the mode of appointment. By introducing digital tools, banks will actively explore the unconscious connection between online booking and offline services.

4. insurance core system...

China’s first online order by Digital Currency Electronic Payment (DECP) was made by a Suzhou online shopper at JD.com on December 11, right after Suzhou’s government kicked off the Double 12 shopping festival and issued RMB 20 million DCEP in partnership with The People’s Bank of China, the central bank of China.

The DCEP payment solution in offline scenarios

Suzhou is the first city to test online consumption scenarios by DCEP, with JD Digits (JDD) providing support in technology and services, helping connect financial institutions with online purchasing applications.

JDD is the first technology company to test the DCEP in China with state-owned banks, connected with online scenarios.

JDD has helped merchants to upgrade their payment systems to guarantee a more convenient operation experience. Fei Peng, head of the DCEP program at JDD said,
JD has over 441 million annual active users, and nationwid...

Users of most payment platforms reported high engagement for mobile payments (around  90% considering the margin of error), with Du Xiaoman Pay users being a notable exception (80%). WeChat Pay users appeared to be evenly distributed across all ages, but QQ  Wallet users skewed younger.

A pair of big technology firms has further consolidated its position in China's mobile payments market as the ongoing pandemic accelerates the consumer shift toward digital platforms.

Ant Group Co. Ltd., which plans to go public, and Tencent Holdings Ltd. continue to hold the lion's share of the mobile payments market in China, based on the 2020 edition of the Asia  Consumer Insights survey from Kagan, which is part of S&P Global Market Intelligence.

Each of their payment apps saw a 95% adoption rate among respondents. Besides having a  customer base that frequently uses their apps for everyday transactions, the two wallets have become the payment rails supporting many e-commerce, ride-hail...

China's central bank People's Bank of China released the overall situation of payment system operation in the second quarter of 2020.

The number of ATM cards issued in use nationwide was 8.658 billion, up 1.52% month on month. There are 6.18 bank cards per capita in China.

In the second quarter, there were 30.141 billion mobile payment transactions, with an amount of 106.17 trillion yuan, up 26.99% and 33.61% year-on-year respectively.

The number of bank accounts increased. A total of 11.866 billion bank accounts had been opened nationwide in Q2 2020, up 3.05% month on month, and the growth rate was 1.62 percentage points higher than that at the end of the previous quarter.

The number of business bank accounts kept increasing. By the end of the second quarter, 71.808 million business bank accounts had been opened nationwide, up 2.77% month on month and 0.57% higher than that at the end of the previous quarter.

Among them, there are 51.615600 basic deposit accounts, 16.10...

By March 2020, the number of online payment users in China has reached 768 million, an increase of 168 million over the end of 2018, accounting for 85.0% of the total Internet users.

The number of mobile online payment users has reached 765 million, an increase of 182 million over the end of 2018, accounting for 85.3% of mobile Internet users according to CNNIC.

China's third-party mobile payment market grew by 2.3% to 56.7 trillion yuan in the first quarter of 2020, according to data from iResearch.

Mobile consumption dropped to 17.7% of total mobile payment in Q1 2020 due to the large-scale decline of offline QR code payment while the proportions of personal application and mobile finance both increased slightly.

It is estimated that the transaction scale of offline QR code payment market was about 6.6 trillion yuan, down about 31.1% on a month on month basis.

However, the reduction of the transaction is only due to the limited user payment behavior during...

MYbank, a digital bank under Ant Financial Services Group, served 20.87 million small and micro businesses (SME) in China as of the end of 2019, an increase of 70% YoY, according to its annual report.

MYbank worked with more than 400 financial partners to provide business loans to those Chinese SMEs as of 2019, and 80% of MYbank loan users had previously never received business loans from banks.

The average outstanding loan size for MYbank users was 31,000 yuan (US$4,436.19) in 2019, an increase of nearly 20% year on year.

According to the annual report, by the end of 2019, the total assets of MYbank had reached 139.5 billion yuan (US$19.96 bn); the operating revenue had reached 6.628 billion yuan (US$948.49 million), up 5.7% year on year.

[click_to_tweet tweet="Ant Financial's digital bank MYbank's net profit had reached 1.256 billion yuan, up 90.8% year on year." quote="Ant Financial's digital bank MYbank's net profit had reached 1.256 billion yuan, up 90.8% year on year....

In the fourth quarter of 2019, China's third-party mobile payment transactions reached 59.8 trillion yuan (US$8.56 trillion), with a year-on-year growth rate of 13.4%.

The proportion of mobile consumption in China's third-party mobile payment increased to 24.5% in Q4 2019 from22.2% in Q3 2019.

Alipay and Tenpay continued to dominate the third-party mobile payment in China in Q4 2019 with 55.1% and 38.9% market share respectively.

The offline QR-code payment increased by 11.6% QoQ to 9.6 trillion yuan in Q4 2019, primarily driven by annual Double 11 and Double 12 promotions.

China's mobile NFC payment continued its growth of 7.4% QoQ or 51% YoY to 9.86 billion yuan. JD Pay was ranked first in this sector.

The third-party internet payment market in China was led by Alipay (35.0%), UMS (18.2%), and Tenpay (13.5%) in 2019.

Internet finance, individual, and online consumptions account for 43.7%, 22.8%, and 20.5% share respectively in the third-party...

Recently, "Investing in sneakers" has become a trend, it is said that selling sneakers can bring money more easily and quickly than selling houses. And, "a post-95 young man bought a house in Hangzhou by investing in sneakers" became a trending topic on Weibo.

However, recently, a young man in Nanjing lost a lot of money in his gold-digging in sneakers.

In mid-August, Lu, a student in Nanjing reported to the local Qilin police station, claiming that he had been scammed up to 380,000 yuan (US$54 thousand) by buying sneakers.

On March 25th this year, Lu received a strange phone call, the other side claimed to be Mr. Qin, a guy who sells sneakers, has a strong supply ability. Subsequently, Lu and Qin became Wechat friends, Lu was also pulled into a WeChat Group by Qin, where Lu found his old netizen friend, and through the chat message, Lu found that other people bought and received sneakers at very low prices. All sneakers are authentic, so Lu put down his suspicion and started ...

35.7% of China internet users purchased insurance and 33.7% don't have any insurance policies according to a Tencent survey.

China internet users buying insurance for the first time are getting younger. Post-60s and post-70s, those born between 1960 and 1979, were over 30 years old at their first purchase. For post-80s, the average first-time insurance purchase age dropped to 26.7 y-o; and 21.7 y-o for post-90s.

Chinese consumers place higher priorities of buying insurance policies on children (74.8%) and parents (67.4%) first; insurance for oneself (31.1%) and spouse (26.7%) is on low priorities.

Insurance in China is facing high awareness but low understanding. 82.2% of China internet users are aware of insurance without much understanding while 14.6% of users understand insurance and 3.3% understand little.

The awareness of buying an insurance policy is rising; and, the most recognized insurance types are medical insurance and critical illness insurance. Life ins...

The competition pattern of "duopoly" is still solid, while the competitiveness of UnionPay, a state-owned player, is improving.

The penetration rates of Tenpay, inclusive of WeChat Pay and Mobile QQ Wallet, and Alipay are 89.2% and 69.5% respectively, with the number of estimated users reaching 940 million and 740 million respectively, according to an Ipsos survey.

tenpay-vs-alipay-2019

Compared with the results of the previous survey, Tenpay's user size has slightly increased and Alipay's user size has remained stable.

The two giants both own tremendous users, their mutual penetration rate has reached 94.3%, which is very close to the overall user penetration rate of 95.1%, and both are rigid in-demand tools.

On the other hand, the penetration rate of UnionPay’s Cloud Flash Payment reached 20.3%, an increase from 18.0% in the previous survey, with an estimated user size of about 220 mil...

Market penetration of payment and settlement applications in China reached the highest point in December 2018 with an average DAUs of 157.9 million. Alipay is the distant leader with a penetration of 55.2%.

Market penetration of payment and settlement apps reached 61.3% in December 2018, with an increase of 16.3% year-on-year. Its average DAU increased to 157.9 million.

Alipay (55.3%), UnionPay QuickPass (5.7%), and BestPay (5.2%) are the top three players. UnionPay QuickPass had the largest growth of 77.2% in penetration.

The average DAUs of Alipay grew to 147.3 million from 127.2 million a year ago. That was way ahead of other players, even its closest follower UnionPay QuickPass had just 3.4 million DAUs....

In Q4 2018, China's third-party mobile payment grew by 7.78% to US$7 trillion in Q4 2018. Alipay (53.78%) and Tencent Finance (38.87%) combined had a total of 92.65% market share. The third-party internet payment market shrank by 3.48% quarter-on-quarter to US$0.94 trillion. The top 3 players accounted for 56.42% share of this market.
3rd-party mobile payment

China's third-party mobile payment market exceeded 47 trillion yuan (US$7 trillion) in Q4 2018, an increase of 7.78% quarter-on-quarter. It was greatly boosted by several big online shopping festivals represented by Alibaba's Tmall Double 11.

Besides, further integrated online and offline usage scenarios including e-commerce, food & beverage, air flights, and transportation, etc. motivated businesses to stimulate mobile payment through a wide variety of promotions.

Mobile payment has been penetrating users' everyday life. Notably, some players are trying to leverage mobile payment to fully digitize supply chain...

China's top 3 online banking players accounted for 36.7% of the total monthly active users of the online banking industry in December 2018. UnionPay QuickPass saw a high growth of 289.9% in monthly active users. Alipay's daily active users grew by 20.2% to 320 million thanks to its Wufu campaign.

Both online banking and payment & settlement platforms experienced a net increase of 105 million and 81 million monthly active users, respectively.

The number of transactions processed through non-bank financial institutions increased by 98% year-on-year to 372.75 billion for the first three quarters of 2018, over eightfold as large as that of bank financial institutions.

Nevertheless, the total value of transactions processed through bank financial institutions amounted to 199.2 trillion (US$29.78T), an increase of 33.5% year-on-year, 47.8 trillion yuan (US$7.15T) more than that of non-bank financial institutions. The non-bank financial institutions have dealt with ...

Financial transactions via mobile devices in China is projected to be hit US$497.52 billion by 2019. Ads concerning debit and credit products took the largest share of 41% in total financial ads placements.

Only 3% of ads were placed for insurance products. Baidu News Feed is the most popular platforms among advertisers, with 22% of financial ads placements being performed on it. Toutiao (20%) and Tencent Social Ads (15%) followed behind. The top 3 ads platforms for financial management products were Sina Ads (20%), Toutiao (14%), and UC (13%).

In China, financial transactions via mobile devices grew from 0.68 billion yuan in 2011 to 998.34 billion yuan in 2017. It was estimated to reach 1,942.89 billion yuan (US$284.44 billion) in 2018 and 3,398.34 billion yuan (US$497.52 billion) by 2019.

Furthermore, the financial ads placements reached the highest point in August with 8,441 creatives. The number of creatives increased by 71% quarter-on-quarter in Q3.

Sor...

Huawei is turning all its smartphones to Point-of-Sale (POS) machines based on the NFC technology, which means potentially hundreds of millions of POS machines. Merchants only need to activate online billing service to receive payment without any traditional POS machine or QR code.

Huawei Pay made its debut on August 31, 2016, under a joint branding of Huawei and China UnionPay. On January 26, 2018, Huawei teamed up with UnionPay International to promote Huawei Pay globalization and accelerate overseas implementation.

Under this agreement, Huawei and Honor smartphone users outside China are able to make a quick payment simply by placing phones near a UnionPay-supported POS terminal, which could be another NFC enabled smartphone or an NFC tag.

As the first domestic provider of security chip-based mobile payment, Huawei Pay has so far been available with 66 banks and compatible with 20 mobile models. The transactions made through Huawei Pay exceeded 4 billion yuan in 2017.
...

The third-party comprehensive payment market picked up in Q3 after its sluggish start this year, which reached 54.94 trillion yuan (US$8.01T) with a growth of 7.99% quarter-on-quarter. Alipay, Tencent Finance, and UnionPay combined accounted for 87.5% of the total.

China's non-financial institutes that provide payment services processed around 54.94 trillion yuan-valued transactions in Q3 2018, an increase of 7.99% quarter-on-quarter. Such growth was primarily driven by mobile payment since both the top players Alipay and Tencent Finance have launched its financial platforms.

Alipay took the first spot with a share of 45.64%, followed by Tencent Finance (32.11%) and UnionPay (9.75%). Find out online payment overview here or mobile payment usage details here.

Related Dossier: Payment...

The third-party internet payment market in China showed no signs of picking up after its slump in Q2, which had been down from 6.96 trillion yuan  (US$1.02T) in Q1 to just 6.54 trillion yuan (US$0.95T) in Q3. Alipay, UnionPay, and Tencent Finance combined accounted for 56% market share.

China's third-party internet payment market slid by 2.58% quarter-on-quarter to just 6.54 trillion yuan in Q3 2018, which was as high as 6.96 trillion yuan in Q1.

Alipay took the leading position with a share of 23.5%, followed closely by UnionPay (22.92%). Tencent Finance ranked third with a share of 9.57%. The top three players combined represented 55.99% of this market.

China mobile payment usage in Q3 2018...

In China, a total of 257.99 billion non-cash payment transactions were processed with a total amount of 925.46 trillion yuan (US$134.91T) in Q3 2018, an increase of 33.31% and 0.18% year-on-year, respectively, according to the report from the People's Bank of China.

Among that, e-payment transactions processed via banking institutions reached 45.24 billion with an amount of 592.43 trillion yuan (US$86.36T).

To be specific, 14.89 billion transactions were from online payment with an amount of 495.24 trillion yuan (US$72.19T), an increase of 23.21% and 12.58% year-on-year, respectively. 16.94 billion transactions were from mobile payment with an amount of 65.48 trillion yuan (US$9.55T), an increase of 74.19% and 32.91% year-on-year, respectively.

Non-bank payment institutions handled a total of 139.54 billion transactions with an amount of 52.01 trillion yuan (US$7.58T), an increase of 79.29% and 33.42% year-on-year, respectively.

A total of 57 billion transactions we...

There are 588 million active credit cards and (debit and credit) integrated cards in China as of December 31, 2017, an increase of 26.35% year-on-year according. 123 million of that were issued in 2017, each Chinese owns on average of 0.39 credit card, a 25.82% increase year-on-year. 

Banks have been turning its credit card business from offline-only to online and offline integrated, with 51.63% applied online in 2017.

Credit card is not only one of the main channels to acquire new users but also a powerful driving force for traditional banks' transformation.

Industrial and Commercial Bank of China, China Construction Bank, and China Merchants Bank accumulatively issued over 100 million credit cards in 2017. Online shopping, entertainment, and financial management are the three primary focuses of credit card users.

Many banks have collaborated with internet platforms to make it available online, convenient for application, and automotive to be examined and approved.

...

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...

92.4% of mobile internet users in China used mobile payment. The penetration rates of Tenpay (WeChat Pay + QQ Wallet) and Alipay are 85.4% and 68.7% respectively. In personal transactions, mobile payment was most frequently used in phone top-up (69%), money transfer (63%), and red envelope sending (60%). Check out more usage scenarios below.

The penetration rate of mobile payment among mobile internet users reached as high as 92.4%, according to the report from Ipsos.

48% of payments were processed through the third-party payment platforms, among which 35% were done by mobile payment.

Mobile payment plays an important role all aspect of China internet users' daily life. Take personal transactions as an example, most users would use the mobile payment to top up the phone (69%), transfer money (63%), and send red envelopes (60%). These three have a high frequency of use and a small amount in common.

Online shopping, entertainment, travel-related products b...

In China, a total of 53.358 billion non-cash payment transactions were processed with a total amount of 951.72 trillion yuan (US$137.52T) in Q2 2018, an increase of 44.61% QoQ and 0.2% year-on-year, according to the report from the People's Bank of China.

Among that, e-payment transactions processed via bank institutions reached 43.77 billion with an amount of 584.99 trillion yuan (US$84.53T).

To be specific, 13.87 billion transactions were from online payment with an amount of 487.39 trillion yuan (US$70.43T), an increase of 17.78% and 2.96% year-on-year, respectively. 14.92 billion transactions were from mobile payment with an amount of 62.88 trillion yuan (US$9.09T), an increase of 73.09% and 60.24% year-on-year, respectively.

Non-bank payment institutions handled a total of 123.01 billion transactions with an amount of 48.29 trillion yuan (US$6.98T), an increase of 94.37% and 53.35% year-on-year, respectively.

Seeing from payment system, a total of 29.54 billion...

In China, the generation born in the 1980s (referred to as "Post-80s") are facing growing responsibilities. They are now dually burdened with caring for young children and elderly parents. 94.9% of this population is in the habit of financial management according to an iClick survey.

90.7% proactively manage their finances by carefully selecting investment options and comparing financial products to maximize profit. Most of them have some awareness of risk spreading, holding 2 to 4 different types of financial investments. Strategic allocation of wealth has helped the post-80s generation to balance their checkbooks and better cope with increasing financial pressure.

The post-90's generation: Managing finances to better pay for hobbies

Of the post-90s, 89.7% value having a rich and multi-faceted life outside of work.

They have diverse interests including movies, traveling, working out, reading, anime and board games. These hobbies grow out of personal interest, but the...

The mobile banking apps in China obtained 27.98 million DAUs in Q1 2018, up 12.6% over the previous quarter. ICBC, CCB, and mobile banking of ICBC took the top three places with average DAUs of 6.313 million, 4.342 million, and 4.327 million respectively.

While seeing from the number of average daily app launches, ICBC took the first spot with 11.698 million times, followed by CCB (8.376 million times) and China Merchants Bank (6.22 million times).

...

The total transactions of third-party mobile payment reached 40.36451 trillion yuan (US$6.08 Tn) in Q1 2018, up by 6.99% over Q4 2017 and dominated by Alibaba affiliated Alipay (54%) and Tencent Finance.

Alipay continued to lead this market with a share of 53.76%, followed by Tencent Finance (38.96%), they combined accounted for 92.71% of the market.

...

Total transaction value of China’s online banking clients reached 421.5 trillion yuan (US$ 66.38 trillion) with an increase of 5.7% QoQ in Q4 2017. Find out the top banks in China's online banking and mobile banking markets, top mobile apps from banks, and mobile banking users profiles.

ICBC, CCB, Bank of Communications, Bank of China, and Agricultural Bank of China combined took 71.2% shares in the market in Q4 2017.

Mobile Banking Overview
The total transaction value of China’s mobile banking clients grew by 3.6% QoQ to 59.48 trillion yuan (around US$ 9.36 trillion) in Q4 2017.

ICBC continued to lead the mobile banking market with a 26.8% share in Q4 2017, followed by CCB (21.5%), and Agricultural Bank of China (13.2%).

As revenue is deriving more and more from the retail banking business, commercial banks turn to energetically develop their retail business. In 2017, revenue from retail business took 44.1% share in Ping An Bank’s total revenues, 13.5 pe...

The total transactions of China's 3rd-party online payment market grew by about 5% QoQ in Q4 2017 while mobile payment continued strong growth of 28% QoQ. Alipay, WeChat Pay, and UnionPay continue to lead these markets.

Third-party online payment in China
The transaction value of China's third-party online payment grew by 4.99% QoQ to 6,699.724 billion yuan (US$1,054.73 billion) in Q4 2017.

Within this market, Alipay remained the market leader with a share of 24.5%, followed by UnionPay (23.89%) and Tencent Finance (10.17%). The top three combined took 58.56% shares in the market.

The e-commerce shopping festivals in this period contributed a lot to the high growth of online payment according to Analysis. Revenues from Alibaba’s core e-commerce business reached 73.244 billion yuan, up 57% year-on-year. Mobile Taobao had approximately 515 million active consumers; Tmall’s GMV grew by 43% year-on-year. JD’s total revenues reached 110.2 trillion yuan, up 38.7% year...

The number of active users of Ping An Pocket Bank grew by 304% year-on-year to 16.066 million in January 2018 according to Analysys from only 3.977 million in January 2017, ranking fifth in the mobile banking market. In February 2018, this figure reached 16.917 million, a 5.3% increase quarter-on-quarter.

Ping An Bank Co., Ltd. is a Chinese joint-stock commercial bank with its headquarters in Shenzhen. It primarily operates in Shenzhen, Shanghai and Fuzhou.

In January 2018, the launch times of Ping An Pocket Bank mobile app saw a huge rise of 567.7% year-on-year to 149.491 million. The time spent of its users totaled 7.203 million hours, an increase of 625.4% year-on-year. 30-Day retention rate climbed from 44.3% in November 2017 to 55.8% in February 2018.

Ping An Group has launched several apps with 10 million active users in the field of banking, insurance, medical treatment, and car ecosystem, such as Auto Home, Ping An Good Doctor, Ping An Good Auto Owner. In t...

The market value of China’s sharing economy sector reached 4.5 trillion yuan (about US$680 billion) in 2017, compared with 3.45 trillion yuan in 2016. It is expected to maintain an annual growth of about 40% over the next few years, according to China’s State Information Center.

Chinese are more engaged with the sharing economy, both as consumers of shared products and services, as well as providers of shared products and services, according to a survey conducted by Lloyd’s.

The survey questioned 5,000 consumers from China (2,000), UK (1,000) and the US (2,000), as well as representatives from 30 sharing economy companies.

According to the survey, the top five risks for consumers globally center on personal safety (52%), quality of service (42%), damage to assets (42%), theft (40%) and lack of sufficient safeguards in the event something goes wrong (38%).

Chinese consumers consistently cite fewer risks of shared economy services when compared to the global average, ...

The number of online credit users reached 160 million in China in 2016 and 200 million in 2017; and, it is estimated to grow with an annual compound growth rate of 15.9% according to data from iResearch.

The attention of VC on P2P in China started around 2010; and, about 170 online lending platforms received investment between April 2010 and June 2017.

The total transactions of China's P2P lending market reached 2,324 billion yuan in 2017, accounting for 39.3% of the total online lending market in China; and, it's estimated to exceed 4,500 billion yuan in 2020.

The number of P2P investors totaled 12.7 million in China in 2016 while the borrowers reached 8.76 million. The average P2P loan dropped below 200 thousand yuan since 2016 when a regulation was released by the government to set loan ceiling of 200,000 yuan.

Top P2P Lending Platforms in China

Lu.com (formerly Lufax): full name Shanghai Lujiazui International Financial Ass...

The total transactions via non-finance institutions in China totaled 42,167.92 billion yuan in Q3 2017 with an increase of 17.4% QoQ according to Analysis. This market is led by Alipay, Tencent Finance, and China UMS with 41.36%, 29.07%, and 13.41% market share respectively.

China third-party internet payment market saw 6,381.551 billion yuan transactions in Q3 2017 with an increase of 8.59% QoQ. This market is again led by Alipay (24.94%), China UMS (23.51%), and Tencent Finance (10.21%).

China's third-party mobile payment market saw a total transaction of 29.495.92 billion yuan with an increase of 28% QoQ, dominated by Alipay and Tencent Finance (WeChat) with a combined market share of over 90%.

 ...