Payment methods in China
Chinese shoppers buy a massive 29% of all their retail purchases, worth US$2.8 trillion, from e-commerce sites. By 2027, this will increase to almost US$5 trillion.
Market takeaways
- Chinese shoppers buy a massive 29% of all their retail purchases, worth US$2.8 trillion, from e-commerce sites. By 2027, this will increase to almost US$5 trillion.
- Almost 40% of Chinese online shoppers have bought items from foreign e-commerce merchants, spending US$480 billion with them in 2022.
- The average Chinese online shopper spends US$3,142 a year with e-commerce merchants, set to rise to US$4,895 by 2027.
- Online shoppers in China use cards in just 18% of all online transactions and cash in only 4% - for the rest, they use digital payment methods.
- Chinese use mobile devices in the vast majority - almost 70% - of their online purchases, up from 64% as recently as 2020.
Population
1.412B
Online population
988.4M
B2C e-commerce
$2784B
Banked population
89%
Credit card population
22%
E-commerce of total retail
29%
Payment method breakdown
- Card18%
- Cash4%
- Bank Transfer10%
- E-Wallet65%
- Other3%
Card scheme breakdown
- Visa0%
- Mastercard0%
- American Express0%
- Local schemes100%
- Other0%
Cross-border e-commerce
Cross-border shoppers
39%
Share of e-commerce
17%
Cross-border value (est.)
$480B
Featured payment methods in China
Popular options based on coverage and prominence in this market.
WeChat Pay
An integrated e-wallet within the WeChat messaging app, allowing users to make mobile payments for daily life services and online shopping. Flow: QR code or in-app authorization within WeChat. User confirms with PIN/biometric and merchant receives instant confirmation.
Alipay
A leading digital wallet that is deeply embedded into daily life, used for online shopping, bills, and transport. Over 90% of Chinese online shoppers use it. Flow: Redirect or QR presented, user authorizes in Alipay app, payment confirmed in real-time. Tokenized flow for online payments.
All payment methods in China
Discover 2 payment methods from around the world
Featured banks in China
Major institutions operating in this market.
HSBC Holdings
London, United Kingdom
HSBC is one of the world's largest banks by assets, headquartered in London with a dominant presence in Asia. It offers retail, commercial, and investment banking in over 60 countries.
HSBC Hong Kong
Hong Kong
HSBC is Hong Kong's largest bank and the note-issuing bank of the territory, offering retail, commercial, private, and investment banking.
Industrial and Commercial Bank of China (ICBC)
Beijing, China
ICBC is the world's largest bank by total assets and the largest of China's 'Big Four' state-owned banks. It offers retail, corporate, and investment banking globally.
DBS Bank
Singapore
DBS Bank is Singapore's largest bank and Southeast Asia's leading bank, recognised globally for its digital innovation and strong retail, SME, and corporate banking.
Commonwealth Bank of Australia (CBA)
Sydney, Australia
CBA is Australia's largest bank by market capitalisation and retail deposits, offering retail, SME, corporate, and institutional banking.
OCBC Bank
Singapore
OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.
All banks in China
Showing 30 of 30 banks
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