Accept payments in China
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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
Banks in China
Mobile Carriers in China
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.
|E-commerce market size||$1.2 trillion|
|Internet penetration rate||64.5%|
|Mobile penetration rate||51.7%|
|Cellular technology standard||3G, 4G, 5G|
|Dual sim usage||4M people|
|Popular mobile OS||Android|
|Big Mac Index||3.02|
|Average annual income||¥90,500|