Chinese banks fight tech giants for share of mobile payments market

China UnionPay has reported an increase in the number of Chinese consumers using their bank accounts to make mobile payments. The rise follows an offensive by Chinese banks to counteract the rise of mobile payments made on the payment services of technology platforms such as Alibaba, Tencent and Baidu. Technology firms’ share of retail payments surged to almost 50% in 2017. It was just 5% in 2012, reports Shine.