China E-Commerce Payment Market Report 2020: Market is Expected to Reach USD 5.5 Billion by 2026 - Key Players are ICBC Bank, Bank of China, Alipay, Wechat, UnionPay

Dublin, Oct. 02, 2020 (GLOBE NEWSWIRE) -- The "China E-Commerce Payment Market by Segment (Apparel, Electronics, Travel, Household, Health, Grocery), Payment Method (Bank Transfer, Card, Digital Wallet, & Others), Company Analysis" report has been added to's offering.

China's E-commerce Payment Market is expected to be USD 5.5 Billion by 2026.

China is an online shopping behemoth, and its e-commerce payment market is worth trillion-dollars. China's online shopping payment market significance to the rest of the world is hard to ignore. As it has a huge populace with booming access to digital technology means that sales have risen at a prodigious rate in recent years.

There are four popular methods of payment online: Bank Transfer, Pay by Card, Digital Wallet, and Online Payment by Third Parties:

  • Bank Transfer: In this mode, money is transferred from one bank account to another.
  • Card Payment: In this mode, payments are made through credit or debit cards. The use of the credit card in China is irregular, and debits cards are more popular.
  • Digital Wallet: A digital wallet, also known as e-wallet is a software program that securely allows clients to make electronic transactions with another party. For example: In 2008, Alipay officially introduced its mobile e-wallet.
  • Digital Payment: Digital Payment by third parties is a different form of online payment. It was introduced by e-commerce companies to eliminate the loss of trust in online transactions between guests. For example: In 2003, Alibaba (business-to-business e-commerce portal) introduced Alipay - an online digital payment solution based on escrow, where Alibaba held the money until the buyer signed off on receiving the goods.

Segment: The report China E-Commerce Online Payment Market has been divided into 7 Segments

  • Clothing & Apparel
  • Consumer Electronics
  • Travel & Tourism
  • Household Goods
  • Health & Beauty
  • Grocery
  • Others

Payment Method: On the basis of Payment Method

  • Bank Transfer
  • Card
  • Digital Wallet
  • Others

All the 5 companies have been studied from three points

  • Overview
  • Recent Developments
  • Sales Analysis

Company Analysis

  • ICBC Bank
  • Bank of China
  • Alipay
  • Wechat
  • UnionPay

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