In the last quarter of 2020, the value of offline code scanning payment transactions was around 11 trillion yuan in China. In the same quarter, the gross merchandise volume of mobile payments was approximately 72 trillion yuan in China. 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.
Value of offline code scanning payment transactions in China from 1st quarter 2017 to 4th quarter 2020
(in trillion yuan)
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iResearch. (April 19, 2021). Value of offline code scanning payment transactions in China from 1st quarter 2017 to 4th quarter 2020 (in trillion yuan) [Graph]. In Statista. Retrieved August 16, 2022, from https://www.statista.com/statistics/1019344/china-offline-code-scanning-payment-transaction-value/
iResearch. "Value of offline code scanning payment transactions in China from 1st quarter 2017 to 4th quarter 2020 (in trillion yuan)." Chart. April 19, 2021. Statista. Accessed August 16, 2022. https://www.statista.com/statistics/1019344/china-offline-code-scanning-payment-transaction-value/
iResearch. (2021). Value of offline code scanning payment transactions in China from 1st quarter 2017 to 4th quarter 2020 (in trillion yuan). Statista. Statista Inc.. Accessed: August 16, 2022. https://www.statista.com/statistics/1019344/china-offline-code-scanning-payment-transaction-value/
iResearch. "Value of Offline Code Scanning Payment Transactions in China from 1st Quarter 2017 to 4th Quarter 2020 (in Trillion Yuan)." Statista, Statista Inc., 19 Apr 2021, https://www.statista.com/statistics/1019344/china-offline-code-scanning-payment-transaction-value/
iResearch, Value of offline code scanning payment transactions in China from 1st quarter 2017 to 4th quarter 2020 (in trillion yuan) Statista, https://www.statista.com/statistics/1019344/china-offline-code-scanning-payment-transaction-value/ (last visited August 16, 2022)