The development momentum of mobile payment is strong, and the trend of globalization is unstoppable

With the rapid development of Internet technology and the widespread use of smart phones in China, the scale of mobile payment has expanded rapidly. In 2018, China's mobile payment scale had already exceeded 200 trillion yuan, ranking first in the global mobile payment scale. In 2013, China's mobile payment scale was only 9 trillion yuan. Due to the vigorous development of third-party mobile payment software such as Alipay and WeChat, China's mobile payment scale expanded to about 20 times the original scale.

According to the report, as of June 2019, the number of online payment users in China reached 633 million, an increase of 32.65 million from the end of the previous year, accounting for 74.1% of the total number of netizens; Among them, the number of mobile payment users reached 621 million, an increase of 37.88 million from the end of the previous year, accounting for 73.4% of mobile internet users. At present, mobile payment is the main payment method for internet users in China.

The rapid development of the mobile payment industry is mainly influenced by three factors: firstly, there are few restrictions on time and space, and users can conduct payment activities anytime and anywhere by using mobile payments; Secondly, it is convenient for management, as users can manage their personal accounts through functions such as querying, transferring funds, paying fees, and recharging; Thirdly, the privacy level is relatively high. After binding a bank card to a mobile phone, mobile payments require the input of a payment password or fingerprint for payment activities, which effectively protects the privacy of users. These factors have increased the competitive advantage for the mobile payment industry.

At present, mobile payment has become an important trend of innovation in the global financial field, and China's mobile payment has taken the lead in the world. Taking WeChat Pay as an example, it has now covered multiple industries and millions of storefronts. Users can use WeChat Pay to purchase any item in the storefronts, making human daily life more convenient.

In addition to providing convenient payment services for users domestically, the mobile payment market is also gradually expanding overseas markets, and in the future, there will be a trend towards global mobile payment. With the increase in the number of times Chinese tourists use mobile payments, overseas merchants have begun to strengthen the improvement of mobile payment methods for their own needs. Taking WeChat Pay as an example, currently, the number of countries and regions in the world where WeChat Pay can be used has increased from 29 to 49, and the number of settlement currencies has increased from 12 to 16. This can facilitate overseas tourists to enjoy the same convenient life as in mainland China.

With the continuous development of the Internet, China's mobile payment industry still has a promising development prospect, and mobile payment is still the main means of payment for China's network users. And with the development of economic globalization and the new personalized needs of Chinese society, the scale of mobile payments in China will continue to grow, or it will achieve global coverage of mobile payments in the future.