Mobile Payment Penetration Continues to Rise in China: Survey

February 3, 2021 3:14 am

Beijing (PingWest)—Mobile payment penetration continues to rise in China as more consumers have acclimated to the popular technology, Xinhua News Agency reports, citing the latest survey of China UnionPay.

In 2020, 98% of the 65,000 surveyed listed mobile payments as their most commonly used channel, up 5 percentage points from the previous year, according to the report jointly released by China UnionPay and 17 commercial banks and payment institutions.

The share of QR code payment users reached 85%, an increase of 6 percentage points from the previous year, the report showed.

Affected by the epidemic, more offline payment scenarios have been migrating online. The survey report showed that 30% of respondents often use livestream shopping.

Meanwhile, small physical stores such as vendors and fruit stores have increased their online and offline payment integration, winning them customers during the epidemic.

The survey report also showed insufficient self-protection in payment security, with "all payment passwords being the same" and "payment while connected to public Wifi" as the two most prominent risks.