Trends and changes in the payment terminal industry

In 2024, the payment terminal industry showed the following major trends and changes:

The popularity of digital wallets: the global share of online payment of electronic wallets exceeds

50% for the first time. This growth is mainly due to the interoperability of payment systems and the

convenience of QR code payment. QR code payment is simple to operate and does not require the

installation of special equipment, which is more cost-effective for merchants.

 Competition in the mobile payment market is fierce: in China, Alipay and WeChat Pay continue todominate the market, with the two occupying 94.25% of the market share. Other enterprises have

a small market share and high industry concentration. Despite the continuous expansion of the market,payment security is still a major challenge, and enterprises need to strengthen technical investment to ensure transaction security

Technology innovation-driven: The payment industry will increasingly rely on new technologiessuch as 5G, the Internet of Things, big data and artificial intelligence, which will promote the automation

of payment scenarios and the provision of personalized services. Through cross-border cooperation, payment

enterprises can improve their competitiveness and provide a more convenient and personalized payment experience.

The process of internationalization is accelerating: China's mobile payment technology has a leading position in the world.It is expected that China's mobile payment enterprises will further enter the international market, provide high-quality payment

services, and enhance international influence.