As of December 2023, around 954 million people used mobile payments in China. After the growth rate of new users began to taper off after 2017, the outbreak of COVID-19 caused an influx of many new users.
Digital money over hard cash
Two companies have completely changed commerce in China. Alibaba and Tencent are the two main providers of mobile payments in the country with their platforms WeChat Pay and Alipay. A high penetration rate of mobile phones and the popularity of e-commerce have aided the popularization and adaption of mobile payments. Today, mobile payments are the primary vehicle to transfer money.
The next step
After payments have become digital, the currency is going to become digital next. In 2017, the Chinese government greenlighted the plans of the country’s central bank to develop a digital currency. Since 2020, the Digital Yen was slowly rolled out to the public through several testing circles. According to the People’s Bank of China, a digital currency would help regulators to reduce money laundering, corruption, and other illicit activities.
Number of mobile payment users in China from 2013 to 2023
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Mobile payment users who have completed a mobile transaction at least once a year. This only includes transactions to purchase products or services from third parties. The source excludes virtual products, like e-papers, or downloads of images, ringtones or games.
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CNNIC. (March 22, 2024). Number of mobile payment users in China from 2013 to 2023 (in millions) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/
CNNIC. "Number of mobile payment users in China from 2013 to 2023 (in millions)." Chart. March 22, 2024. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/
CNNIC. (2024). Number of mobile payment users in China from 2013 to 2023 (in millions). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/
CNNIC. "Number of Mobile Payment Users in China from 2013 to 2023 (in Millions)." Statista, Statista Inc., 22 Mar 2024, https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/
CNNIC, Number of mobile payment users in China from 2013 to 2023 (in millions) Statista, https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/ (last visited July 03, 2024)
Number of mobile payment users in China from 2013 to 2023 (in millions) [Graph], CNNIC, March 22, 2024. [Online]. Available: https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/