While Alipay and WeChat Pay have by far the largest number of mobile payments users in China overall, younger and more affluent consumers are more likely to use less well known services such as Du Xiaoman Pay and QQ Wallet, an in-depth market analysis by S&P Global has found.
Adults under the age of 30 make up nearly a quarter (24%) of all digital payment users in China, according to the Bank disruptors doubling down on mobile payments in China report.
Those aged between 40 and 49 years make up 22% of such users, with one in five aged over 60 (20%) saying they use digital payments. The 30-39 and 50-59 age ranges make up 18% and 16% of all Chinese digital payment users, respectively.
Du Xiaoman Pay’s share of higher income users was also above average, the analysts found.
“While the income of users of other payment platforms peaked at around 15,000 Chinese yuan (US$2,238) per month, the income of Du Xiamon Pay users peaked at 30,000 Chinese yuan (US$4,476) per month,” the report says.
Across all users, Alipay (95%) and WeChat Pay (95%) have the highest rates of usage, followed by UnionPay (38%), QQ Wallet (19%), other banking and credit card apps (19%), and DuXiaoman (10%).
For ‘super apps’ offering a variety of services, the research found that 87% of users use them to make mobile payments, 58% for money transfers, 50% for