In February 2020, the Payment & Clearing Association of China (PCAC) launched an action to encourage mobile payment usage, online payment, and QR payment to lower the risk of infection. While mobile payments were already ubiquitous in China pre COVID-19, the pandemic has been accelerating the mobile payment trend even more drastically.
COVID-19 boosted online and mobile payments in China Source: iiMedia, designed by Daxue Consulting, Daily usage frequency of mobile payment in China 2022. 151.22 billion mobile payment transactions have been registered, representing a year-on-year increase of 22.7%. In China’s largest cities, residents pay on average 80% of their monthly expenditures (roughly 5,000 Yuan) through mobile payment services, while in fourth- and fifth- tier city residents use these means for 90% (3,000 Yuan) of their monthly expenditures, according to a 2021 China UnionPay report.īy the end of 2022, the cumulated digital payment value in China is set to reach 3.5 trillion USD, making the country a clear global leader for digital payments, followed by the United States with 1.8 trillion USD.Īccording to 2021 year-end statistics, the People’s Bank of China (PBOC) processed 275 billion electronic payment transactions in that year, which is a 16.9% increase compared to 2020. By the end of 2021, around 903.6 million people utilized mobile payments in China, which equals roughly 64% of the overall population. Paying through mobile phones has become second nature for the majority of Chinese. Risk assessment for a transport operator in Greater China.A world’s leading battery manufacturer setting its foot in China.A global tech company’s development of mobile payment in China.A global social media platform’s China export advertising expansion.Business Turnaround Consulting Service in China.
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