As of June 2024, around 969 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 2014 to June 2024
(in millions)
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. (August 29, 2024). Number of mobile payment users in China from 2014 to June 2024 (in millions) [Graph]. In Statista. Retrieved February 16, 2025, from https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed
CNNIC. "Number of mobile payment users in China from 2014 to June 2024 (in millions)." Chart. August 29, 2024. Statista. Accessed February 16, 2025. https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed
CNNIC. (2024). Number of mobile payment users in China from 2014 to June 2024 (in millions). Statista. Statista Inc.. Accessed: February 16, 2025. https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed
CNNIC. "Number of Mobile Payment Users in China from 2014 to June 2024 (in Millions)." Statista, Statista Inc., 29 Aug 2024, https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed
CNNIC, Number of mobile payment users in China from 2014 to June 2024 (in millions) Statista, https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed (last visited February 16, 2025)
Number of mobile payment users in China from 2014 to June 2024 (in millions) [Graph], CNNIC, August 29, 2024. [Online]. Available: https://www.statista.com/statistics/278487/number-of-mobile-payment-users-in-china/?__sso_cookie_checker=failed
