On January 2, China UnionPay released the data of the UnionPay network transaction on the New Year's Day holiday. During the 2018 New Year's Day holiday (December 30, 2017 - January 1, 2018, the same below), the total amount of UnionPay online transactions reached 700.8 billion yuan, compared to last year's New Year's Day holiday (December 31, 2016 - 2017) January 2, the year, an increase of 36.8%, a new high. Among them, in the aspect of mobile payment, the release of “Cloud Flash Pay†APP drove the number and amount of UnionPay QR code transactions by 11.6 times and 19.8 times respectively compared with last year’s Dragon Boat Festival holiday (May 28-May 30, 2017). , is welcomed by more and more users.
Looking at the overall consumption composition, as the merchants launched various kinds of New Year's promotion activities, shopping consumption became the main theme of the New Year's Day holiday, and the consumption amount increased by 41.9% compared with the same period of last year.
Among them, supermarkets, daily necessities and large household appliances are the main force of shopping consumption, accounting for 83% of the total amount of shopping. “Selling goods†and “renewing new products†are important themes of the New Year’s Day consumption of the people.
It is worth noting that with the launch of the “Cloud Flash Pay†APP, a heavyweight mobile payment product jointly developed by UnionPay and banks, and the “Shuangdan Juhui†campaign created by UnionPay and thousands of brands. During the New Year's Day holiday, the number of transactions and transaction amount of UnionPay mobile payment business represented by UnionPay QR code and UnionPay mobile phone flash payment increased by 3.5 times and 2.5 times respectively compared with last year's Dragon Boat Festival holiday; The situation of sharp rise, the number of transactions and the transaction amount increased by 11.6 times and 19.8 times respectively, and the construction of “Cloud Flash Payment†acceptance environment continued to advance.
Since 2017, the payment market has also undergone subtle changes. First, Alipay’s market share, which was once overtaken by Tenpay, rebounded; and together with TenPay, it accounted for 94% of the third-party mobile payment market, showing a “duopoly†situation.
Change in market structure
Alipay has long dominated the Chinese mobile payment market.
Since 2013, the use of red envelope wars and high-frequency social services, WeChat payment has sprung up everywhere. For a time, TenPay quickly and Alipay a court, giving the latter a lot of pressure.
At the beginning of 2017, it is reported that WeChat payment has completely surpassed Alipay online.
“In 2016, the entire offline payment development was very fast, exceeding our expectations. We really had a sense of crisis for the competitive situation at the time.†Yuan Leiming, vice president of Ant Financial Services, said frankly.
However, Alipay did not sit still, but quickly adjusted its strategy, abandoning social return payments, and regained the situation in the first half of 2017.
According to iResearch released the third-party payment mobile payment market share data in the second quarter of 2017, the share of Alipay's market share increased from 54% in the first quarter to 54.5% in the second quarter; the TenPay behind WeChat payment was 40 from the previous quarter. % was down to 39.8%.
It is worth mentioning that in the first quarter of 2017, Alipay and Tenpay accounted for 94% of the market, and in the second quarter, this figure rose to 94.3%. At this point, the overall pattern of the third-party mobile payment market is stable, showing a "duopoly" situation.
Who knows that under the counterattack of UnionPay, the initial situation of the "duopoly" seems to change.
After the joint commercial banks successively launched Apple Pay, Huawei Pay and UnionPay standard QR code payment functions, on December 11, China UnionPay teamed up with commercial banks, payment institutions and other industry parties to jointly release the banking industry's unified APP “Cloud Flash Payâ€. Together to create a unified portal for mobile.
For a time, the entire mobile payment market was very lively, and many people said that UnionPay is expected to reshape the mobile payment market.
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