App spending expected to triple by 2020

Chinese consumers are expected to spend $56 billion on mobile applications by 2020, virtually triple the current level, and Shanghai is one of the top-three cities for mobile app usage, showed industry studies released yesterday during the Shanghai Digital Information Festival.

China has more than 800 million iOS and Android users, who spent $19 billion on smartphone apps last year, according to researcher App Annie.

Shanghai, along with Beijing and Shenzhen, are the top-three cities on mobile app usage, according to a report released by Tencent, Huawei and the Shanghai IT industry regulator.

Shanghai citizens spend an average of at least three hours a day on mobile apps, the report said.

Some born after 1990 spend more than eight hours a day, it said.

Shanghai leads on entertainment, dining and traveling mobile apps, thanks to strong local companies such as Dianping and Ctrip.

Finance, personal wealth management and stock trading are among popular applications across the country.

Shanghai-based online finance PPdai.com said it would cooperate with China Merchants Bank on money deposits.

Downloads of finance apps surged 230 percent in the three years through 2016, highlighting the integration of technology and finance, said Al Campa, chief marketing officer of App Annie.