According to a market report, published by Sheer Analytics and Insights, The China cashfree payments market was valued at $13.1 billion in 2021 and it is expected to reach $130.9 billion at a CAGR of 21.70% between 2022 and 2032. There are several benefits of cash-free payments. These benefits are such as it is cost-savings, transparency and security that reduce the corruption and theft as usual, and more. Over the several years, the adoption of mobile phones and usage of mobile applications for digital payment is rising among a large number of consumers. Several companies have launched new cash-free payments software or applications, so people could make secure transactions from everywhere across the country. In recent times, China has taken two steps closer to a fully cash-free economy after two private Chinese banks have announced to end the entire services related to notes and coins. Hence, these major factors are estimated to drive the growth of the market during the forecast period from 2022 to 2032. Moreover, several Chinese businesses are focusing on transitioning to a more digital yuan-centric payment system. This has changed the mindset of a lot of businesspeople. Hence, they are focusing on cash-free transactions. These rising factors are estimated to propel the growth of the market in the upcoming years.
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In China, companies such as Alibaba and Tencent pioneered digital merchant payments and have driven the shift away from cash to cash-free payments. In the Chinese economy, several companies are seeing a cash-free payment system not as a goal in itself but as an opportunity for a vast ecosystem of both offline and online goods and services. Thus, they are using the data generated to transform financial services as well as the physical retail industry. This rapid shift in China has been enabled by expanded bank accounts and smartphone ownerships. This overall change is so remarkable because the country was a cashless economy two decades ago, and now it has changed its transaction formats so rapidly for larger benefits. In China, Alipay and WeChat Pay have become the mainstream mode of payment transactions. In Shenzhen city, people do not usually use cash for their daily activities. Hence, these increasing factors are expected to drive the growth of cash-free payments in upcoming years.
As mentioned before, Alipay and WeChat Pay are the most popular cash-free payment platforms among a large number of Chinese consumers. Hence, these two applications have supported the market and helped it gain significant growth opportunities. These two mobile payment platforms have rapidly reshaped China’s payments landscape. Millions of Chinese users of Alipay and WeChat Pay have created massively valuable digital payments, which are dominating the cash-free payments market over the last few years. However, over the past few weeks, COVID is again rapidly increasing across the country and making people concerned about their lives and daily purchases. In this case, people are choosing digital payment options for various transactions by maintaining a physical distance.
According to the study, key players dominating the China cashfree payments market are ACI Worldwide (U.S), Aurus Inc (India), Apple Inc (India), Alphabet Inc (U.S), Amazon Pay (U.S), Adyen (Netherlands), Alipay (China), BillDesk (India), BharatPe (India), Global Payments Inc (U.S), Huawei Investment and Holdings (China), ICICI Bank (India), Instamojo (India), JD.Com (China), MasterCard (U.S), Novatti Group (Australia), One97 Communications (India), PayPal Holdings (Inc), Pine Labs (India), RazorPay (India), Stripe (U.S), Sage Pay Europe Limited (U.K), UnionPay (China), Vista Equity Partners (U.S), Visa Inc (U.S), WeChat Pay (China), WEX Inc (U.S), Walmart (U.S), among others.
China Cashfree Payments Market Has Been Segmented Into:
China Cashfree Payments Market – by Payment Type:
- Digital Currencies
- Bank Cards
- Digital Wallets
- Net Banking
- Points of Sales
- Others
China Cashfree Payments Market – by Enterprise Type:
- Small and Medium Enterprises
- Large Enterprises
China Cashfree Payments Market – by End-User Type:
- BFSI
- Healthcare
- Media and Entertainment
- Retail and E-Commerce
- Transportation
- Others
China Cashfree Payments Market – by Regions:
China
- Beijing
- Shanghai
- Shenzhen
- Other Cities
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