Market Entry China
Market Overview
829 million Chinese Internet Users, more than US and India combined
No. of Internet Users in China (million)
900 m
■ As of March 2019, China has around
829 million internet users
equaling 2,5 x the population of the
USA.
800 m
71% or 588m using online payment
700 m
or eComm services
600 m
Out of these 829 million:
500 m
71% used online payments or
eCommerce services (588 million).
... 98% are mobile internet users.
■ Studies are suggesting the number
of mobile payment customers is
reaching close to 1 billion by 2023,
up from 600 million in 2018.
400 m
300 m
200 m
100 m
0 m
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
© Wirecard 2019
■ In 2018, China recorded 150 million
inbound visitors, each of them a
potential customer for FX prepaid
card products.
■ Cross-border
■
payment volume
amounted to USD 9,1 trillion in 2018.
Unionpay's dominance in China
helped it earn a 36% market share
globally in bank card payments,
compared to 32% for Visa and 20%
for Mastercard.
■ Chinese Government aims to curb
market power of payment giants and
UnionPay-competitor Alibaba and
Tencent.
Sources: (i) China Internet Network Information Center (CNNIC), a branch of the MIIT; (ii) https://www.travelchinaguide.com/tourism/2018statistics/; (iii) https://www.paymentscardsandmobile.com/chinese-
central-bank-refuses-visa-and-mastercard-application/; (iv) https://www.ikjzd.com/a/20075.html.
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