China leads the way in mobile money transfers – for now

Driven by a fast-growing social element P2P mobile money transfers will see enormous growth over the next five years. China currently leads the world in social money transfers but this is partly because of the Chinese New Year ‘red envelope’ tradition which will account for fully 68% of all transfers this year, driven by Alipay and WeChat Pay who use the occasion to promote their platforms. Mobile money transfers has two main audiences. In fact, it will be the growth of mobile money solutions in Africa that will push China’s share of the transfer market down to 57% by 2024. Of course there are questions about what will drive or hold back mobile money transfers.

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