The two Swedish companies entered a global partnership for a better omnichannel shopping and payments experience.
E-Commerce in China does not take up a large part of the national revenue. In the following years, a yearly growth rate of 11% is expected - growth will especially be strong in M-commerce. M-commerce is expected to quadruple itself in the next four years.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 (62% of transactions) - the most popular being Alipay, Tenpay WeChat Pay. Credit and debit cards make up 14% of the market share. UnionPay issued 97% 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.
Credit card 10%
Bank transfer 8%
Pay on delivery 8%
Debit card 4%
1.03 Tn. USD
Population: 1.4 Bil.
Internet Usage: 56%
Source: Worldpay - Global payments report, Nov 2017
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