Public document released by the Central Bank describes measures to be taken by the company in order to disproof malpractices
E-Commerce in China does not take up a large part of the national revenue. In the following years, a yearly growth rate of 9% is expected - growth will especially be strong in m-commerce. M-commerce is expected to quadruple itself in the next four years. In 2017, Chinese spent 787$ US per capita online and 10,911$ US at point of sale locations.
China is the world's leader in asset circulation through mobile wallets and social app payments. 76% of all Chinese use or would like to use mobile wallets. Online transactions are generally made through E-Wallets - the most popular being Alipay, Tenpay WeChat Pay. Mobile wallets were used to pay for 65% of all Chinese e-commerce transactions in 2017 and 36% of POS transactions.
Credit and debit cards make up 14% of the market share. UnionPay issued 99% of all Chinese cards, Debit and Credit cards combined.
While UnionPay’s influence is expected to grow even further to the detriment of alternative payment methods, it should be noted that China opened its market to foreign card payment companies only in June 2015. In August 2017, Visa was the first overseas card payment company to apply for a bank-card clearing license.
The Chinese oversea E-commerce is mainly due to large international sales from Chinese merchants abroad. China is the world's biggest exporter. Most goods are delivered to the USA, UK and Hong Kong. On a smaller scale, Brazil, India, Germany, France, Russia, Japan and South Africa also are important commercial partners for China.
Bank transfer 11%
Credit card 9%
Charge debit card 5%
Debit card 5%
1.26 Tn. USD
Population: 1.4 Bil.
Internet Usage: 61%
Source: Worldpay - Global payments report, Nov 2018
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