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
All payment methods available in this market, sorted by prominence.
Alipay
A leading digital wallet deeply embedded in daily life in China, used for shopping, bills, and transport.
WeChat Pay
Integrated wallet in WeChat for QR and in-app payments.
Cloud QuickPass (UnionPay App)
UnionPay-operated mobile wallet app linking bank cards for QR and contactless payments online and in-store. Operator: China UnionPay Co., Ltd.. Est. users: 450 million+ users (2022).
e-CNY (Digital Yuan)
China's central bank digital currency, legal tender accepted at online and offline merchants nationwide. Operator: People's Bank of China (Digital Currency Institute). Est. users: 180 million+ wallets (2024).
Featured banks in China
All banks operating in this market, sorted by prominence.
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.
MUFG (Mitsubishi UFJ Financial Group)
Tokyo, Japan
MUFG is Japan's largest bank and one of the world's largest financial groups, offering retail, corporate, investment, and trust banking globally.
Bank of China (BOC)
Beijing, China
Bank of China is China's most internationally active bank, specialising in foreign exchange and cross-border trade finance. It is one of the Big Four state-owned banks.
China Construction Bank (CCB)
Beijing, China
China Construction Bank is China's second-largest bank, specialising in infrastructure lending, housing finance, and corporate banking. It is one of the four largest banks in the world.
ANZ Banking Group
Melbourne, Australia
ANZ is Australia's third-largest bank, with a strong institutional banking franchise and significant presence across Asia-Pacific and New Zealand.
Agricultural Bank of China (ABC)
Beijing, China
Agricultural Bank of China is China's third-largest bank by assets, with the largest rural and agricultural banking network in the country.
China Merchants Bank (CMB)
Shenzhen, China
China Merchants Bank is China's top joint-stock bank, known for its retail banking innovation, credit cards, and wealth management.
SMFG (Sumitomo Mitsui Financial Group)
Tokyo, Japan
SMFG is Japan's second-largest banking group, with operations in retail, corporate, investment, and consumer finance.
UOB (United Overseas Bank)
Singapore
UOB is Singapore's third-largest bank with a strong pan-Asian network covering ASEAN markets, offering retail, SME, and corporate banking.
Kasikornbank (KBank)
Bangkok, Thailand
Kasikornbank (KBank) is one of Thailand's top banks, known for digital banking innovation, retail, and SME banking.
Bank of China (Hong Kong)
Hong Kong
Bank of China (Hong Kong) is one of the three note-issuing banks in Hong Kong, offering retail, commercial, and investment banking.
Bangkok Bank
Bangkok, Thailand
Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.
Mizuho Financial Group
Tokyo, Japan
Mizuho is Japan's third-largest banking group, offering corporate, investment, and retail banking, with strong trade finance and capital markets operations.
KB Kookmin Bank
Seoul, South Korea
KB Kookmin Bank is South Korea's largest bank, part of KB Financial Group, offering retail, corporate, and investment banking.
Hang Seng Bank
Hong Kong
Hang Seng Bank is a subsidiary of HSBC and one of Hong Kong's largest locally incorporated banks, focused on retail and commercial banking.
Bank of Communications (BoCom)
Shanghai, China
Bank of Communications is China's fifth-largest state-owned bank, offering retail, corporate, and investment banking services.
Public Bank Berhad
Kuala Lumpur, Malaysia
Public Bank Berhad is Malaysia's third-largest bank, known for its consistent profitability, retail lending, and SME banking.
Shinhan Bank
Seoul, South Korea
Shinhan Bank is part of Shinhan Financial Group, one of South Korea's leading banks with retail, corporate, and investment banking operations across Asia.
Woori Bank
Seoul, South Korea
Woori Bank is one of South Korea's largest banks, offering retail, corporate, and investment banking with a strong presence in Southeast Asia.
Hana Bank
Seoul, South Korea
Hana Bank is part of Hana Financial Group, one of South Korea's top banks, known for its international reach and foreign exchange operations.
Postal Savings Bank of China (PSBC)
Beijing, China
Postal Savings Bank of China has the country's largest branch network (over 39,000) and focuses on retail banking and financial inclusion for rural populations.
Industrial Bank (CIB)
Fuzhou, China
Industrial Bank (CIB) is one of China's major joint-stock commercial banks, known for green finance and interbank operations.
Habib Bank Limited (HBL)
Karachi, Pakistan
HBL is Pakistan's largest bank by assets, offering retail, SME, corporate, and international banking in 25+ countries.
National Bank of Pakistan (NBP)
Karachi, Pakistan
NBP is Pakistan's state-owned bank and the country's second-largest bank, offering retail, corporate, and government banking.
Other Banks — China
Beijing, China
Aggregate of remaining banks in China, collectively ~47.7% of domestic banking assets.
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