Offline code scanning payment transaction value in China 2020-2027
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In 2022, the value of offline code scanning payment transactions was around 29 trillion yuan in China. According to the forecast, the value was projected to exceed 44 trillion yuan in 2027.
From online to offline
China is a pioneer in adopting mobile payments. Paying via third-party payment tools was not only a part of the online shopping experience but also an everyday activity in people's lives. Compared to POS terminals, the QR code payment system does not require any professional devices from the business owners – just a smartphone and a printed QR code. By scanning a QR code, payment can be made in seconds.
Opportunities for SMEs
Small and middle-size businesses in China particularly benefited from this "scan and pay" system. As of 2019, WeChat Pay covered nearly 80 percent of the individual and family-run businesses in China. Meanwhile, those micro-enterprises also became the driving force for the prevalence of QR code payments. Around 87 percent of the offline merchants who used WeChat Pay had less than 50 employees. The offline QR code payment was mostly used in the retail and catering industries.
From online to offline
China is a pioneer in adopting mobile payments. Paying via third-party payment tools was not only a part of the online shopping experience but also an everyday activity in people's lives. Compared to POS terminals, the QR code payment system does not require any professional devices from the business owners – just a smartphone and a printed QR code. By scanning a QR code, payment can be made in seconds.
Opportunities for SMEs
Small and middle-size businesses in China particularly benefited from this "scan and pay" system. As of 2019, WeChat Pay covered nearly 80 percent of the individual and family-run businesses in China. Meanwhile, those micro-enterprises also became the driving force for the prevalence of QR code payments. Around 87 percent of the offline merchants who used WeChat Pay had less than 50 employees. The offline QR code payment was mostly used in the retail and catering industries.
