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Chinese consumers set a new record of online consumption in 2020 From FIS WorldPay global payment report 2021

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According to the report data released by financial services technology enterprise FIS (New York Stock Exchange: FIS), China has become the largest e-commerce market in the world, and the total value of e-commerce market is expected to reach US $3.17 trillion by 2024.

The global payments report 2021 released by WorldPay, a subsidiary of FIS, studies the current and future payment trends of 41 countries. The report points out that the epidemic situation has accelerated the development trend of global e-commerce and made the cash utilization rate of China and other markets drop faster.

China’s mobile consumption has driven the tide of online shopping. It is estimated that the annual growth rate of mobile transaction volume will reach 16% by 2024, while the annual growth rate of computer transaction volume will be 11% in the same period. In 2020, the market value of China’s mobile e-commerce market has reached US $1.18 trillion, more than three times that of the second largest market, the United States.

In store payment trend

The FIS report states that:

E-wallet has become the preferred payment method widely used in point of sale (POS), accounting for 50% of China’s in store sales in 2020.

The utilization rate of debit card and credit card is rising. It is estimated that the annual growth rate of these two payment methods will reach 7% in the next four years. It will occupy 16% and 15% of the market share respectively by 2024.

Cash utilization will continue to decline, and the report predicts that paper currency will only account for 6% of the market share of the point of sale in the next four years.

E-commerce payment trend

During the epidemic period in 2020, China’s e-commerce market will grow rapidly

Thanks to the vigorous development of mobile consumption, China’s e-commerce market is expected to grow by 70% in the next four years to reach US $3.17 trillion.

E-wallet accounts for 72% of the payment methods in China’s e-commerce market, and continues to play a leading role. The report predicts that they will grow at an annual rate of 15% over the next four years and will have a 75% market share by 2024.

The report found that the usage rate of COD is declining, and it is expected to account for less than 1% of China’s e-commerce market by 2024.

Mr. Shi Nanfei, general manager of FIS merchant solution WorldPay in China, said: “China’s e-commerce market is expanding at an amazing speed, stimulating people’s interest in cross-border consumption and promoting the development of China’s foreign trade. Our local merchants can take advantage of the situation by expanding overseas markets and adopting a robust cross-border e-commerce strategy. In addition, we also find that China’s payment services are increasingly diversified, and the utilization rate of credit and debit cards has increased. If businesses want to succeed, they need to adapt to the changing needs of consumers, adopt customized e-payment portfolio, and seize the new trends in China’s payment field. “

About the global payments report

Unless otherwise specified, all data cited are from the global payments report 2021 (global payments report 2021) published by FIS WorldPay. The data comes from consumer surveys, B2B surveys and opinions from research teams around the world. 46000 consumers worldwide were surveyed. For research methods, please refer to page 135 of the report. The Mobile Phone Wallet operating system includes mobile wallet (such as Apple Pay, Google Pay and Samsung Pay) using specific mobile operating systems, and electronic purses with no specific operating system (such as Alipay, WeChat payment, Paytm and Amazon Pay).

About FIS

FIS is the world’s leading provider of technology solutions for merchants, banks and capital markets companies. Our employees are committed to promoting the development of global payment, banking and investment methods through the use of our scale, deep professional knowledge and data-driven in-depth analysis. We help our customers use technology in an innovative way to meet business critical challenges and provide their customers with a superior experience. FIS, headquartered in Jacksonville, Florida, is a fortune 500 company and a member of the S & P 500 index. FIS: India leads China in digital payment in 2017 WorldPay: Apple’s revenue of $100000 in 30 seconds 15 minute profit US $1 million WorldPay: 2017 travel report (with download) WorldPay: Chinese consumers expect more comfortable mobile shopping experience WorldPay: 2016 China e-commerce mobile payment up to 56% WorldPay: 2017 technology and innovation report of retail industry WorldPay: 2017 global payment report WorldPay: 2 / 3 of consumers want to use biometrics for in store payment WorldPay: 20 15 years global payment report (with download) WorldPay: survey shows that “super shoppers” account for 92% of global online shopping revenue Kaijie & BNP Paribas: 2018 World payment report

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