Market Size of China Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.46 Billion |
| Market Size (2029) | USD 22.38 Billion |
| CAGR (2024 - 2029) | 32.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Real Time Payments Market Analysis
The China Real Time Payments Market size is estimated at USD 5.46 billion in 2024, and is expected to reach USD 22.38 billion by 2029, growing at a CAGR of 32.60% during the forecast period (2024-2029).
In view of the increasing number of Internet and mobile users, the growing number of bank accounts, and the increasing need for instant payments, the market is growing.
- China has a one of large population with booming access to digital technology, and the country has quickly adopted digital wallets, which are now a dominant force in the china payments market. In addition, there is a lot of room for realtime payments to grow in the region, given the high level of mobile wallet adoption in China, mainly offered by AliPay and WeChat Pay.
- According to National Library Board Catalogue, around 60 percent of China's 1.3 billion population will have purchased via mobile payment by 2023. The significant increase in the number of transactions of real-time payments in the region is further expected to boost the real-time payments market in the region.
- Furthermore, there's been a surge of interest in Buy now pay later services in China over the last decade. A few factors driving BNPL are unprecedentedly low-interest rates associated with BNPL payments, the growth of online payments through Alipay and WeChat Pay, as well as highly funded fintech startups that are looking to attract new clients. The BNPL services are provided by various ECommerce Platforms in the region to their customers.
- With the country's rapid development of 5G infrastructure, new opportunities are anticipated to emerge in the Chines real-time payments market owing to the availability of a low latency network.
- However, a series of stringent rules and regulations on fintech companies has also been implemented in the region, which may hamper the growth of the real-time payments market in the region.
- Moreover, the COVID-19 pandemic has further spurred financial inclusion, driving a large surge in digital payments amid the expansion of formal financial services in China. After the COVID-19 pandemic, China launched its digital currency, the digital Yuan or RMB, to become a cashless society using contactless payments. Such trends are anticipated to positively influence the studied market's growth post-COVID-19.
