CNNIC: China'S Internet Payment Users Account For 85% Of The 768 Million Users.

On April 28th, relevant media learned that today, the China Internet Network Information Center (CNNIC) released the forty-fifth "statistical report on the development of China's Internet" (hereinafter referred to as the "report"). As of March 2020, the size of China's online payment users reached 768 million, an increase of 168 million over the end of 2018, accounting for 85% of the total Internet users, and mobile Internet payment users reached 765 million, up 182 million from the end of 2018, accounting for 85.3% of mobile phone users.

According to the report, in 2019, the field of network payment coverage was becoming more and more extensive, and it accelerated to infiltrate the vertical application scenarios, and promoted the integration development of digital economy and real economy.

According to the report data, the network payment business grew steadily in 2019, and powerfully promoted the upgrading of consumption. First, the network payment business will continue to maintain a relatively fast growth rate. Data show that in 2019, the non bank payment institutions handled 719 billion 998 million network payment business, and the amount of processing business was 249 trillion and 880 billion yuan, up 35.7% and 20.1% respectively over the same period, and achieved rapid growth.

Two, mobile payment is a powerful driving force for consumption growth. The relationship between non cash payment tools and the daily life of the masses is becoming increasingly close. It not only reshaped the individual consumption behavior of the residents, but also changed the business mode of the enterprises, and greatly promoted the consumption growth of residents in various regions. Three is mobile payment to optimize the consumption structure of the mass household.

Research shows that mobile payment can promote the growth of household consumption in China by 16%, reduce the Engel coefficient (food consumption ratio) by 1.7%, and promote the growth of education, culture, entertainment and other development consumption, which is significantly higher than that of food, clothing, housing and other subsistence consumption.