Ipsos: No-Cash Payments Research in China
- by Radu Cotarcea
Ipsos and Ogilvy & Mather have joined efforts in a research project that looked at the developing trends of no-cash payments in China over the past year.
According to Ipsos, the research exercise consisted in interviews with 8,180 internet users, interviews with businesses and a large-scale field study. The resulting report, "The Cashless Mobile Life," found that, in 2015, the transaction scale of China’s third-party mobile payment reached RMB10 trillion. "Grasping a first-mover advantage, Alipay was far ahead in payment amount, accounting for 51.8% of the total; WeChat Pay was the most frequently used mobile payment tool, with its average uses per user per month exceeding 50. Additionally, user numbers of mobile payment reached 358 million, a 64.5% increase year-on-year. 'Non-cash' has become an increasingly popular life style and attitude. Post-90s students and new employees aged 23-29 are vigorous forces among the mobile payment users, and they are more accustomed to the non-cash life style – more than 12% of college-student respondents said they would go out 'without cash,' and nearly 35% of young white-collars said they would go out with cash less than 100 yuan."
Within a context in which "mobile payment has been gaining large-scale popularity throughout the world," with the reporting pointing to Denmark, which became the first country to bid farewell to cash in January 2016, the research concludes that "mobile payment is undoubtedly the future of payment.” It further stated: "So far, China is in a leading position in terms of scale, user number, and growth rate, while the popularity of a 'non-cash lifestyle' in China continues to increase every day."