Payment Solutions in China

Territories - Asia

Unlock seamless transactions with robust payment solutions in China

A flourishing e-commerce industry, the largest in the world

China’s payment landscape is highly diversified and technologically advanced, reflecting its rapid digitalization and robust e-commerce sector. Traditional payments, predominantly bank transfers and cash, are increasingly overshadowed by digital and alternative payment methods. Mobile payments lead the way, with Alipay and WeChat Pay collectively accounting for over 90% of the market share. E-commerce transactions in China are also booming, with the sector valued at approximately $2.8 trillion in 2023. Alternative payments such as QR code-based payments and digital wallets are widely adopted, with over 800 million mobile payment users, facilitating seamless online and offline transactions. This shift towards digital payments is further supported by innovative solutions like facial recognition payments and the rise of the Digital Yuan, which the Chinese government is actively promoting.

Market Overview

Population

1.42 billion
Online Population

1.05 billion
Currency

CNY

e-Commerce Market Value

$1.32 trillion
GDP

$8.30 trillion
GDP per Capita

$12,150.00

Available Payment Methods

UBank Connect delivers robust payment solutions in China, offering seamless and secure transactions through cards, eWallets, and bank transfers. Our comprehensive services are meticulously designed to meet the diverse needs of businesses in a rapidly evolving payment landscape, ensuring both reliability and efficiency. Leveraging the widespread acceptance of China UnionPay, one of the most trusted and utilized payment methods domestically and internationally, we guarantee that your transactions are smooth, fast, and widely supported.

UBank Connect’s payment solutions are tailored to address the unique demands of the Chinese market, empowering businesses to tap into the country’s vast and growing consumer base. We provide innovative, cutting-edge technology that adapts to the dynamic nature of the market, helping your business maintain a competitive edge. With our dedicated support and advanced security measures, you can focus on expanding your reach and maximizing your potential in China. Choose UBank Connect’s payment solutions to ensure your business thrives in China’s dynamic and competitive market.

Why choose UBank Connect?

Direct connection to banks
Dedicated bank account(s)
Local technology and operations team
Flexible and competitive rates
Global reach with a single API access
Support in emerging markets

Key Takeaways

According to the purchasing power parity (PPP) index, China has the biggest consumer economy in the world. With sales of US$1.3 trillion in 2020 expected to rise to roughly US$2 trillion by 2025, it is also by far the largest ecommerce market in the world.
Cross-border e-commerce platforms are now used by more than 235 million Chinese consumers, and this figure will keep rising yearly.
More than half a billion Chinese customers will use their phones to make purchases at a point of sale thanks to China’s transition to a cashless society, its sizable ecommerce sector, and strong mobile and online payment penetration.
AliPay and WeChat Pay were pioneered by Chinese IT giants Alibaba and Tencent. Over 90% of individuals in China’s major cities now use these top non-bank applications as a result of their growing popularity.

Get started today!

Discover how UBank Connect can enhance your payment solutions in China. Contact us today to learn more about how we can support your business. Let’s connect and take your payment processes to the next level.

Territories - Asia

Unlock seamless transactions with robust payment solutions in China

A flourishing e-commerce industry, the largest in the world

Market Overview

Population

Online Population

Currency

e-Commerce Market Value

GDP

GDP per Capita

Available Payment Methods

Why choose UBank Connect?

Key Takeaways

Get started today!

Stay in the loop, subscribe to our newsletter!