Chinese banks’ reportedly lost $61bn to Alibaba and Tencent's platforms in 2015, with projections for 2020 estimated at $22bn. Meanwhile, UnionPay, the People’s Bank of China (PBOC)-owned mobile payments platform reportedly held just 1.8% of the market in 3Q15, giving cause for concern about how slim China’s total market share has become. However, as Apple Pay starts up in China this year, many believe this could help Chinese banks to regain momentum in the mobile payments world as Apple seeks to collaborate with the well-established UnionPay platform.
Chinese banks’ reportedly lost $22bn to Alibaba and Tencent's platforms in 2015, with projections for 2020 estimated at $61bn. Meanwhile, UnionPay, the People’s Bank of China (PBOC)-owned mobile payments platform reportedly held just 1.8% of the market in 3Q15, giving cause for concern about how slim China’s total market share has become. However, as Apple Pay starts up in China this year, many believe this could help Chinese banks to regain momentum in the mobile payments world as Apple seeks to collaborate with the well-established UnionPay platform.