Research on the Development Status of China’s Mobile Payment

Abstract

In recent years, China's B2C payment methods have undergone some significant changes, which have impacted the biggest beneficiaries of traditional payment methods-banks. In the past, banks monopolized people's payments. For example, cash was issued by the bank, and transfers needed to go through the bank's system. However, the emergence of mobile payment is a major change for the majority of users on the B2C side. The laws and regulations promulgated by the Chinese government on mobile payment and the continuous improvement of third-party payment platforms themselves have brought security and authority to the user base. This makes mobile payment (ie online payment) develop more rapidly in China. In addition, due to the low market share of plastic payment cards in the Chinese market, the proportion of potential customers for mobile payment in China is greater than that of the international community. In this paper, the primary data is obtained by randomly sending questionnaires to society. And this article through empirical research, regression of gender, age and income, combined with Fama and French Three-Factor Model for comprehensive analysis. The empirical results show that mobile payment has become a large part of Chinese people's lives and the difference in payment frequency mainly lies in gender, rather than age and income. This shows that mobile payment can be adapted to groups of different age groups and incomes through algorithms. Regarding the gender difference, this article speculates that it is because women have higher shopping needs and spending power.