e-Commerce and Payments in China
A flourishing e-commerce industry, the largest in the world.
China is a global leader in the adoption of mobile payments because it has the largest population, the largest e-commerce industry, and the fastest-growing economy in the world.
Market Overview
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Population
1,421 million
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Online Population
1,050 million
-
Currency
CNY
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e-Commerce Market Value
$1,319 billion
-
GDP
$8.3 trillion
-
GDP per Capita
$12,150
Available Local Payment Method
CN Bank Transfer
Type
Bank Transfer
Regions
Asia Pacific
China Union Pay
Type
Bank Transfer
Regions
Asia Pacific
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.
