Wednesday, 28 June 2017 02:18

Chinese digital payments players look outside China to boost revenues: Juniper

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Chinese players are increasing their dominance of the digital payments market as companies like Alibaba, Tencent and UnionPay seek to bolster their revenues through international expansion, according to a newly published report.

The report, by Juniper Research, on the global payments market reveals that digital payment transaction values are expected to reach US$5 trillion by 2021, up from US$3.6 trillion this year, of which US$3.4 trillion will come from sales outside mainland China.

The report, which identified a series of key strategic approaches for players across the digital payments market, argues that both Alibaba and Tencent are keen to capitalise on the growing spend by both Chinese tourists and immigrant workers, now worth more than US$200 billion per annum.

And according to Juniper, UnionPay is seeking to position itself as an alternative to Visa and Mastercard in a number of markets, notably Russia.

Research author Dr Windsor Holden says that UnionPay is struggling to gain domestic traction behind Alibaba’s Alipay, which is able to bypass UnionPay’s network when mobile payments are processed to offline merchants.

“Hence its focus is increasingly on building traffic from cross-border and international transactions.”

The research includes the latest Juniper Leaderboards, highlighting best-in-class players in key payments arenas, including PayPal (for eWallets), Worldpay (for payment service providers) and Vodafone for telco payments in emerging markets.

Meanwhile, the Juniper report pinpoints the blockchain B2B solution developed by Chain and Visa as a transformative deployment for cross-border settlement in terms of transaction speed, transparency and accountability.

To access Juniper’s complimentary whitepaper — "Who will own the Digital Payments Sector in 2021?" — click here.

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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