According to a market report, published by Sheer Analytics and Insights, The China Unified Payment Interface (UPI) Market was valued at $10.2 billion in 2021 and it is expected to reach $89.8 billion at a CAGR of 18.5% between 2022 and 2032. Unified Payment Interface is a single-window mobile payment system, through which customers can purchase anything from the online and offline shops, and in exchange, they can make payments by using the mobile application. Furthermore, sending money on the UPI is called a Push, while receiving money through the system is called a Pull. Once the transaction of money is completed, both the sender and recipient receive a confirmation by a notification of text message to their mobiles. In recent years, China's UPI market has been driven by the increasing usage of mobile phones and digital payment applications. Due to this, the UPI market in China is expected to witness significant growth during the forecast period. In the Asia-Pacific region, China has become the second-largest market in using the Unified Payment Interface mode for money transactions. Therefore, real-time payments, mobile payments, digital payments, and e-wallets are often used in this country, although the methods of money transferring are not the same.
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Technologies are becoming advanced at present days, which are providing more stable security while making transactions. Moreover, boosted by the growth of smartphone adoption and increasing internet usage, especially among young generations of China, and the increase in the number of mobile payments, the China Unified payment Interface market is estimated to gain significant growth. However, online sales have increased. Users are purchasing goods and other essential things by using digital services through various mobile applications. Hence, the paradigm shift to digital ways of making payments has deeply impacted the way many companies do business. Various merchants are also using the UPI modes of payments for business purposes; therefore, the demand for mobile payment applications, net banking, and other banking websites is growing. The decision of several Chinese companies and the country itself on digital payments can be seen as a form of tech diplomacy.
China UnionPay and other thirty local commercial banks along with payment institutions launched a unified application for the country’s banking industry. UnionPay developed the Mobile QuickPass application which is a unified mobile payments portal. Through this app, customers can link their bank cards to the app and manage different bank accounts, and make mobile transactions. They can get services and other benefits offered by those banks. These services and benefits are such as comprehensive credit card services, person-to-person real-time transfers, and a UnionPay QR code. However, currently, China is witnessing a rise in COVID-19 cases. Therefore, due to the growing infections, Chinese people prefer digital payment by maintaining physical distance, which will help the Unified Payment Interface market to have further gain in the country.
According to the study, key players dominating the China Unified Payment Interface market are One97 Communications (India), Alibaba Group (China), Amazon (U.S), Ant Group (China), Apple (U.S), Alphabet Inc (U.S), BharatPe (India), BillDesk (India), CCAvenue (India), CRED (India), Cashfree Payments (India), EBS Payment Gateway (India), Huawei (China), Instamojo (India), JD.Com (China), MasterCard (U.S), Meta (U.S), Naspers (South Africa), MobiKwik (India), NPCI (India), PaySafe (U.K), PB Fintech (India), PayPal (U.S), RazorPay (India), Stripe (U.S), Tencent (China), VISA (U.S), WeChat Pay (China), Walmart (U.S), ZETA (India), among others.
China Unified Payment Interface Market Has Been Segmented Into:
China Unified Payment Interface Market – by Payment Type:
China Unified Payment Interface Market – by Enterprise Type:
China Unified Payment Interface Market – by End-User Type:
China Unified Payment Interface Market – by Regions:
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