Third-party payment refers to the fund transfer service between payer and payee provided by non-financial institutions as the payment intermediary between merchants and consumers. According to different business types, the market segments of third-party payment include bank card receipt, online payment, prepaid card issuance and acceptance.
In 1999, the first third-party payment enterprise was born in China. With the rapid development of Internet technology in China, many Internet enterprises have grown rapidly in China, so the development of third-party payment has entered a new stage. With its convenient, efficient and secure payment experience, third-party payment has made China\'s payment market one of the world\'s leading payment markets.
In recent years, driven by the continuous boom of e-commerce and the rapid development of mobile payment, the transaction scale of China\'s third-party payment continues to expand. As the main driving force for the growth of third-party payment, mobile payment has exceeded 800 million users.
At present, the number of third-party payment transactions in China shows a rapid growth trend. According to the data of the mobile payment network, the number of transactions in 2021 exceeded 1 trillion, with a year-on-year growth of 24.3%. In addition, the transaction value of China\'s third-party payment service increased from 7.62 trillion USD in 2015 to 54.69 trillion USD in 2021, with a compound annual growth rate of 39.8% during the period. With the increase of transaction demand and the promotion of digital transformation of micro, small and medium-sized enterprises in China, third-party cross-border payment and third-party payment B market will become the new engine driving the growth of transaction scale in the third-party market, and the transaction scale of China\'s third-party payment market is expected to continue to grow.
Sources: Mobile payment Network, Market Monitor Co., Limited
In the early stage of the development of the third-party payment industry, the C-end market (account side) is the main entry point, and C-end payment occupies the vast majority of the third-party payment market. However, at present, the new user flow of the industry has tended to be saturated, and the incremental market has gradually turned into the stock market. With the reform of the Internet + enabling traditional industries, the B-end market has gradually become the driving force for industry growth. In the context of giant monopoly and soaring compliance costs, third-party payment institutions are moving from the past extensive development mode to a high quality and high standard development path by enhancing compliance awareness, establishing basic compliance system, strengthening risk control levels, and flexibly applying emerging technologies such as big data and artificial intelligence.
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