China is the world’s biggest ecommerce market and second largest consumer marketplace. It has more internet users than there are people in the whole of Europe.
A combination of a digital revolution facilitated by smartphones plus an emerging middle class with disposable income has led to an explosion in ecommerce.
Online shopping in China approaches USD500 billion a year with significant growth rates. 12.9% of all retail in China comes from ecommerce. While the eshopper population has reached over 350 million and 58% of online shoppers in China have purchased from overseas, the online shopping demographic still represents only 25% of the total population, meaning plenty of potential growth ahead.
Our local bank transfer solutions integrate directly with your clients’ online banking system.
With over 300 million linked payment accounts, WeChat is one of Asia’s biggest payment solutions.
Alipay is one of the world’s biggest digital wallets with over 450 million users.
China UnionPay is the only domestic bank card organisation in China, with an estimated 3.5 billion cards issued.
There are more CUP debit cards in circulation than Visa and Mastercard combined.
Baidu is China’s most popular search engine. Google has a tiny market share.
Facebook and Twitter are blocked in China.
There are around 900 million active WeChat users.
WeChat saw 46 billion peer-to-peer transactions over Chinese New Year 2017.
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PaySec is a sponsor of this invaluable guide for ecommerce merchants looking to do business in China. Read more