China is an online shopping behemoth, and its e-commerce payment market is worth trillion-dollars. China online shopping payment market significance to the rest of the world is hard to ignore. As it has huge populace with booming access to digital technology means that sales have risen at a prodigious rate in recent years. According to Renub Research, China Ecommerce Payment Market is expected to be USD 5.5 Billion by 2026.
There are four popular methods of payment online: Bank Transfer, Pay by Card, Digital Wallet, and Online Payment by Third Parties.
Bank Transfer: In this mode, money is transferred from one bank account to another.
Card Payment: In this mode, payments are made through credit or debit cards. The use of the credit card in China is irregular, and debits cards are more popular.
Digital Wallet: A digital wallet, also known as “e-wallet” is a software program that securely allows clients to make electronic transactions with another party. For example: In 2008, Alipay officially introduced its mobile e-wallet.
Digital Payment: Digital Payment by third parties is a different form of online payment. It was introduced by ecommerce companies to eliminate the loss of trust in online transactions between guests. For example: In 2003, Alibaba (business-to-business e-commerce portal) introduced Alipay—an online digital payments solution based on escrow, where Alibaba held the money until the buyer signed off on receiving the goods.
Renub Research report titled “China E-Commerce Payment Market by Segment (Clothing & Apparel, Consumer Electronics, Travel & Tourism, Household Goods, Health & Beauty, Grocery, and Others), Payment Method (Bank Transfer, Card, Digital Wallet, and Others), Company Analysis (ICBC Bank, Bank of China, Alipay, Wechat, and UnionPay)” provides a detailed analysis of China E-Commerce Payment Industry.
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