China Cards and Payments – Opportunities and Risks to 2027

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China Cards and Payments Market Report Overview

The China cards and payments market size was valued at $19.5 trillion in 2023 and is expected to achieve a CAGR of more than 6% during 2023-2027. China is the world’s largest payment card market in terms of transaction value. The People’s Bank of China (PBOC) (the country’s central bank) and card issuers have launched initiatives such as enforcing a cap on merchant service fees and making efforts to change consumer payment habits. As a result, payment cards are gradually becoming more accepted, with their use growing during 2019–23. Meanwhile, mobile payments have gained widespread adoption, with Chinese consumers favoring mobile wallets such as Alipay and WeChat Pay for day-to-day, low-value transactions. With the government announcing the discontinuation of its zero-COVID policy in December 2022, economic recovery is expected to follow – which will benefit the country’s cards and payments industry.

China Cards and Payments Market Outlook, 2023-2027 ($ Trillion)

China Cards and Payments Market Outlook, 2023-2027 ($ Trillion)

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The China cards and payments market research report provides a detailed analysis of market trends in China’s cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, cards, credit transfers, direct debits, and cheques during the review-period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Market Size (2023) $19.5 trillion
CAGR >6%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Mobile Wallets

·       Cards

·       Credit Transfers

·       Cash

·       Direct Debits

·       Cheques

Key Segments ·       Card-Based Payments

·       Merchant Acquiring

·       Ecommerce Payments

·       In-store Payments

·       Buy Now Pay Later

·       Mobile Payments

·       P2P Payments

·       Bill Payments

·       Alternative Payments

Leading Players ·       China Construction Bank (CCB)

·       Agricultural Bank of China (ABC)

·       Industrial and Commercial Bank of China (ICBC)

·       Postal Savings Bank of China

·       Bank of China (BOC)

·       ChinaMerchants Bank (CMB)

·       Ping An

·       Bank of Communications

·       China Everbright Bank

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China Cards and Payments Market Dynamics

China UnionPay continues to dominate the payments landscape. Since its launch in 2002, China UnionPay (CUP) has been the only payment card scheme and network in China. While international schemes are present in the market, they are co-badged with CUP. However, international payment companies have finally gained access to the Chinese market, with the PBOC allowing foreign scheme providers to set up card processing networks. In addition, China is home to one of the most mature mobile wallet markets in the world. Mobile wallets have become a mainstream payment instrument in China; they are widely used for day-to-day transactions at supermarkets, street stalls, and on public transport, as well as for online payments. The rapid adoption of smartphones, growing internet penetration, the availability of secure online payment systems, and the increasing number of online shoppers have supported the healthy growth of E-commerce in China.

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China Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the China cards and payments market are mobile wallets, cards, credit transfers, cash, direct debits, and cheques. In 2023, Mobile Wallets accounted for the largest market share followed by cards, and credit transfers.

China Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

China Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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China Cards and Payments Market Segments

The key segments in the China cards and payments market are card-based payments, e-commerce payments, and alternative payments among others

Card-based Payments: Card penetration is high in China at 7 cards per individual in 2023e. This has been supported by the rising banked population and improving awareness of banking services. Debit cards dominate the overall payment space, while credit and charge cards are more frequently used for high-value transactions. Chinese consumers are comfortable using their payment cards for a variety of purposes. Clothing and footwear as well as electrical goods rank among the top three across all card types. Contactless card adoption remains low in China, mainly due to the dominance of mobile wallets. However, efforts are being made by banks, card issuers, and payment participants to promote this technology.

Payment Cards Analysis by Segments, 2023 (%)

Payment Cards Analysis by Segments, 2023 (%)

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China Cards and Payments Market - Competitive Landscape

Some of the leading players in the China cards and payments market are China Construction Bank (CCB), Agricultural Bank of China (ABC), Industrial and Commercial Bank of China (ICBC), Postal Savings Bank of China, Bank of China (BOC), ChinaMerchants Bank (CMB), Ping An, Bank of Communications, and China Everbright Bank among others.

Segments Covered in the Report

China Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Mobile Wallets
  • Cards
  • Credit Transfers
  • Cash
  • Direct Debits
  • Cheques

China Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments
  • Others

Scope

This report provides:

  • Top-level market analysis, information, and insights into China’s cards and payments industry
  • Current and forecast values for each market in China’s cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, cards, credit transfers, direct debits and cheques. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing China cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of China’s cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the China cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the China cards and payments industry.
  • Assess the competitive dynamics in the China cards and payments industry.
  • Gain insights into marketing strategies used for various card types in China.
  • Gain insights into key regulations governing the China cards and payments industry.

Agricultural Bank of China
CITIC aiBank
China Merchants Bank
China Construction Bank
Industrial and Commercial Bank of China
Bank of China
Postal Savings Bank of China
Ping An Bank
Bank of Communications
China Everbright Bank
PBOC
China UMS
All-in-pay
Lakala
Yeahka
Huifu
Alipay
WeChat Pay
Apple Pay
Huawei PAy
Tenpay
Ant Check Later
PayPal
Mi Pay
QuickPass
China UnionPay
Visa
Mastercard
American Express

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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