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China

China Payment Market Overview

China has a large population with booming access to digital technology means that sales have risen at a prodigious rate in recent years. The business to consumer e-commerce market grew by almost a third in the last year alone. As a result, the country’s online shopping market is now worth over $1.2 trillion.

As a nation of smartphone lovers, it follows that China has quickly adopted digital wallets, which are now used to pay for the majority of e-commerce payments. They take a 54 percent market share or $620.5 billion in sales. Usage of these methods is expected to expand at a compound annual growth rate of 34 percent to 2021, by which point it will take a 65.2 percent share of the e-commerce payments market.

Payment Methods in China

Key Market Indicators in China

$1,200,000,000,000
Online shopping market value
900M
WechatPay users
800M
Alipay users
$1,000
Avg annual online spend

Banks in China

Industrial and Commercial Bank of China, 中国工商银行
China Construction Bank, 中国建设银行
Bank of China,
中国银行
The Agricultural Bank of China,
中国农业银行

Mobile Carriers in China

China Mobile,
中国移动
China Unicom,
中国联通
China Telecom,
中国电信

Integrate Chinese Payment Methods

In 2020, a common challenge for any foreigner visiting China without an Alipay or WeChat Pay account was how to pay. Today, cash is the payment method that is being waved away as vendors ranging from local fruit sellers to car dealerships have made a massive shift to digital payments. QR codes and digital P2P payments are the norms as the usage of cash in retail has dropped dramatically; digital has dethroned cash to become king.

Country Statistics
Region Greater China
Population 1.3 billion
E-commerce market size $1.2 trillion
Local currency CNY
Key Metrics
Internet penetration rate 64.5%
Internet cost $15/month
Mobile penetration rate 51.7%
Cellular technology standard 3G, 4G, 5G
Dual sim usage 4M people
Popular mobile OS Android
Other Information
Big Mac Index 3.02
Average annual income ¥90,500
Largest Cities in China by population
Shanghai 26,917,322
Beijing 20,381,745
Chongqing 15,773,658
Tianjin 13,552,359
Guangzhou 13,238,590
Shenzhen 12,313,714
Chengdu 9,104,865
Nanjing 8,789,855
Wuhan 8,346,205
Xi'an 7,948,032

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