Accept payments in 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

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.