Drawing from the latest 2025 data, the report highlights China’s continued leadership in mobile wallet adoption, cross-border integration, and AI-driven platform innovation. The findings reveal how dominant players such as Alipay, WeChat Pay, JD.com, and Alibaba are not only reshaping China’s domestic market, but also extending their influence globally through strategic partnerships, AI integration, and digital finance innovation.
China is no longer just a domestic digital powerhouse - it is setting benchmarks that the rest of the world is watching. Our latest report offers essential strategic context for global companies navigating the convergence of payments, e-commerce, and AI in one of the most complex and dynamic markets.
Key insights from the report include:
- Mobile wallets now account for the vast majority of digital transactions in China, driven by integrated ecosystems combining payments, social media, shopping, and public services.
- Alibaba and JD.com have invested heavily in AI infrastructure and instant delivery, with Alibaba’s 88VIP loyalty program surpassing 50 million members.
- The digital yuan (e-CNY) has reached over USD 7.3 trillion in cumulative transaction volume, now used across more than 29 cities, including for transport, healthcare, and public services.
- WeChat Pay and Alipay are expanding internationally, with mobile payments accepted across 20+ countries through partnerships with platforms like Stripe.
- China’s 2025 digital finance reforms are reshaping the ecosystem, targeting platform interoperability, data transparency, and enhanced consumer protection.
Questions Covered
- What is the projected total volume of non-cash transactions in the Asia-Pacific region by 2028?
- What major digital investment has Alibaba committed to by 2028?
- How is AI reshaping China’s digital payment platforms?
- What is the projected value of China’s payments market by 2030?
- Which payment method accounted for over a quarter of Asia-Pacific’s transactions in 2023?
- How has Generation Z influenced payment behaviour in China
Table of Contents
1. Key Takeaways
2. Management Summary
3. Asia-Pacific Non-Cash Payments and Revenue Outlook
- Total Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f
- Total B2B Non-cash Transactions Volume, in volume billions, 2018 & 2021 - 2024e & 2028f
- Payments Revenue Value, in USD trillion, 2013, 2018, 2020 - 2023
- Payments Revenue by Type, Commercial & Consumer in %, 2018 & 2023
- Payment Mix of New vs Traditional Payments, in % of Transaction Volume, 2023
- Share of Payment Revenue Value, in %, 2027f
4. China: E-Commerce and Digital Payments Landscape
4.1. B2C E-Commerce Market Overview
- Number of Internet Users, in millions and Internet Penetration, in %, December 2020 - December 2024
- Number of Online Shoppers, in millions, and Internet Penetration, in %, December 2020 - December 2024
- Share of Online Physical Goods Sales, in % of Total Retail Sales of Consumer Goods, Q1 2025
- Breakdown of Total Internet Users by Urban & Rural Areas, in %, Dec. 2023 & Dec. 2024
- Top 5 Global Origins for Cross-Border Online Purchases, % of International Shoppers, 2024
- Share of International Cross-Border Online Purchases, in %, 2018-2024
- Top 3 Source Markets for Most Recent Cross-Border Online Purchase by Chinese Shop., in %, 2024
- Willingness to Purchase Luxury or Designer Products Online Without Seeing Them First, in %, 2024
4.2. Leading Platforms and Payment Ecosystems in China
- Overview of Alibaba’s AI Investment Strategy and Platform Integration, June 2025
- WeChat Pay Availability on Alibaba’s Taobao and Tmall Platforms, June 2025
- Taobao and Tmall’s Membership Strategy, AI Marketing, and Revenue Drivers, June 2025
- Generative AI, Retail Productivity, Consumer Insights, Strategic Adaptation, June 2025
- AI-Powered Advertising Strategies of Alibaba, Tencent, and JD.com, May 2025
- Alipay Tap!’s User Growth, Ecosystem Investment, and AI-Driven Healthcare Expansion, June 2025
- BNPL Market Growth, Key Platforms, and Sectoral Integration, June 2025
4.3. Digital Consumer Trends and Payment Preferences in China
- Number of Mobile Internet Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024
- Number of Livestream Users, in million, and Penetration, in % of Internet Users, December 2020 - December 2024
- Share of New Internet Users by Age Group, in %, H1 2024
- Mobile Wallet Penetration and Shifting E-Commerce Payment Preferences, June 2025
- Functional Use of Generative AI Shopping Tools Among Early-Adopting Consumers, August 2024
- Shifting Habits, Rising Spending, and Tech-Driven Convenience, June 2025
4.4. Innovation and Regulation Shaping China’s Digital Payment Future
- Rise of e-CNY and WeChat Pay in Reshaping Global Payment Ecosystems, June 2025
- Yuan Internationalization, Cross-Border Payment Infrastructure, and Outbound Tourism, June 2025
- Antitrust Enforcement, Financial Data Flow Guidelines, and Online Identity Regulation, June 2025
- Digital ID Reforms and their Implications for E-Commerce and Payments, June 2025
4.5. China’s Online Payment Landscape: Methods, Usage, and Growth
- Forecasted Payment Market Size, in USD trillions, 2025e & 2030f
- Share of Consumer Transactions by Payment Method, in %, 2024
- Share of Consumers Using WeChat Pay Daily, in %, 2023
- WeChat Pay & Alipay Market Share in % and Ecosystem Penetration in Mobile Payments, 2023
- Mobile Wallet Penetration among Adult Consumers, in %, Q2 2023
- Mobile Wallet Ownership and Usage, in %, Q2 2023
- Mobile Wallet Penetration, Digital Infrastructure, and Consumer Adoption, June 2025
- Development of Online Payment Usage and User Penetration, December 2020 - December 2024
- Card Transaction Value, in USD trillion, 2024 & 2028f
- Debit Card Transaction Value, in CNY trillions, 2020 - 2028f
- Credit and Charge Card Transaction Value, in CNY trillions, 2020 - 2028f
- Growth of Cross-Border Payments via Acquisitions and Global Partnerships, June 2025
- Alipay and WeChat Pay Global Expansion and Cross-Border Usage Trends, June 2025
5. Conclusion: Strategic Evolution of China’s Digital Payment Landscape in 2025
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Agricultural Bank of China
- Alibaba.com
- American Express
- Apple
- China Construction Bank
- DeepSeek
- ICBC
- JD.com
- Mastercard
- Meta
- Moonshot AI
- Payoneer
- Stripe
- Taobao
- Tencent
- Tmall
- Visa
- Zoho
