This "2024 China Mobile Payment Overseas Market Research Report" was released by Diandian Data, mainly studying the development status of Chinese mobile payment going overseas, including development background, competitive landscape, case analysis, and future trends.
1. Development Background and Current Situation: The global payment industry revenue continues to grow, the mobile payment market has a promising outlook, and Chinese payment institutions face opportunities in going overseas. They are expanding into overseas markets through scenario penetration, investment empowerment, solution output, and merchant value-added services, achieving certain results in regions such as Southeast Asia and Africa, with digital wallet downloads continuing to rise.
2. Competitive Landscape: In terms of global active user numbers, Alipay, WeChat Pay, and UnionPay rank at the top, with Alipay leading and its user stickiness being relatively high. It performs well in expanding overseas merchant scenarios and ecosystem improvement. Overseas, some local mobile payment brands are developing rapidly, such as India's Paytm and Nigeria's Opay. Chinese mobile payment institutions going overseas face dual competition from both global and local institutions.
3. Case Practices
- Alipay: Through the Alipay+ cross-border payment solution, it cooperates with numerous global acquirers and merchant partners to serve global users. Its user base is mainly around 40 years old, with a large number of global downloads, mainly concentrated in neighboring countries and the UK. However, its monthly active user numbers fluctuate and it faces user competition pressure.
- Opay: Launched by Kunlun Wanwei, it has developed in Nigeria and other African regions, providing a variety of payment and financial services. Through multiple rounds of financing and cooperation with various parties, it has consolidated its market position, with significant growth in user downloads and monthly active users. Its business is expanding from Nigeria to other African regions.
- Palmpay: Invested by Transsion Holdings, it acquires traffic through pre-installation on Transsion phones and has already launched operations in markets such as Nigeria, with a high proportion of male users. After two rounds of financing, its business continues to expand, with downloads and monthly active users steadily increasing.
4. Trend Insights: Technological innovation is driving the development of mobile payments, such as the application of biometric technology in payment scenarios. Global competition is becoming increasingly fierce, with internet giants and smartphone manufacturers participating. Chinese mobile payment going overseas must compete with global giants as well as face challenges from local payment brands. In addition, mobile payment has great potential in improving the accessibility of financial services and promoting the digital transformation of financial institutions, especially in regions with low financial accessibility such as Africa.
