Table of contents
Portfolio Manager’s Summary ------------------------------------------Page 4
Sizing the addressable market: Untapped consumer demand---- Page10
Key shaping trends #1: Integration ----------------------------------Page 12
Key shaping trends #2: Regulation-----------------------------------Page 14
Key shaping trends #3: International--------------------------------Page 17
Third-party payment: The current state of play--------------------Page 22
Key payment channel by type of transaction: B2C, C2CandB2B -Page 28
How does it work? Traditional vs Third-party -----------------------Page 30
How do they make money? Traditional vs Third-party ------------Page 33
Enablers of growth ------------------------------------------------------Page 36
Late mover advantage in digitization of money --------------------Page 36
Fee structure that is closer to cash vs cards -----------------------Page 37
Unique infrastructure set-up ------------------------------------------Page 39
Proliferation of e-commerce /social platforms enables viral growth Page 41
Improving ease of use with technology advancement -----------Page 44
Understanding the key players and competitive landscape -----Page 46
Alipay --------------------------------------------------------------------Page 49
Tenpay ------------------------------------------------------------------Page 51
Sizing the addressable market --------------------------------------Page 55
Key debates for future #1: Monetization --------------------------Page 58
Key debates for future #2: Regulatory ----------------------------Page 60
Key debates for future #3: Fee competition and M&A ----------Page 64
Appendix----------------------------------------------------------------Page 66
Disclosure Appendix