According to GlobalData, mobile and digital wallets are the main payment methods for e-commerce in China, with a market share of 67.3% in 2023, surpassing cash and cards.
- Alternative payment methods such as mobile and digital wallets account for a dominant market share of 67.3% in China's e-commerce sector, surpassing cash and cards.
- China's e-commerce market is expected to grow by 11.9% to reach 17 trillion yuan in 2024 due to the shift from offline to online purchases and government initiatives.
- Alipay and WeChat Pay are the most popular alternative payment methods, along with international brands such as Samsung Pay and Apple Pay, with credit cards becoming the next preferred choice due to their added value.
China's e-commerce market is expected to reach $2.4 trillion in 2024 and another $3.6 trillion by 2028. Alternative payment methods such as mobile and digital wallets are preferred and will capture 67.3% market share in 2023.
Alipay and WeChat Pay each have over 1 billion users worldwide and are leading alternative payment methods known for their simplicity, speed, and convenience. International brands such as Samsung Pay and Apple Pay are also present in the market.
Government initiatives, including plans to promote e-commerce in rural areas, are expected to further fuel market growth. Alipay and WeChat Pay are the main alternative payment solutions, and credit cards also account for a large share of e-commerce transactions. This market is expected to continue to grow due to government support and increasing consumer preference for online shopping.
According to GlobalData's E-Commerce Analytics, China's e-commerce market will register 11.9% growth in 2024 to reach 17 trillion yen as consumers increasingly shift from offline to online purchases. It is expected to reach RMB ($2.4 trillion). This market is expected to reach RMB 25.7 trillion ($3.6 trillion) in 2028, growing at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2028.
Poornima Chinta, Senior Banking and Payments Analyst at GlobalData commented:: “China's e-commerce market, the world's largest, has experienced sustained growth over the past few years, driven by rising internet and smartphone penetration, availability of secure online payment systems, and increasing number of online shoppers. I did.”
