Chinese ecommerce market has been growing impressively in the last 3-4 years and is expected to reach an astonishing $1 trillion by 2020. In this blog, I wrote extensively on the state of Chinese ecommerce, its unique features and its potential. This time, I would like to share a new infographic by Go-Globe.com, visualizing some figures and trends related to online payment systems that are popular in China.
Presently, none of the common Western online payment solutions, particularly PayPal, managed to achieve any significant presence in China. In addition, Chinese skipped credit cards era almost entirely and jumped straight to online cash. This means that credit cards are not nearly as popular as in the West and are rarely used for online transactions, especially for local purchases.
At the moment, approximately half of all online transactions in China are handled by Alipay, which is not surprising considering that Alibaba, the company that owns Alipay, also runs largest online shopping platforms – Taobao and TMall.
In mobile, the fastest growing sector of China’s ecommerce, Alibaba’s dominance is almost absolute, although Tencent is working hard to popularize its own Tenpay system.
Here are some more figures from Go-Globe’s infographic: