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The Chinese Payment Landscape

REPORT | It’s easy to get carried away with big statistics when discussing China, but one story illustrates just how quickly the Chinese e-commerce market is sweeping all before it. 

The biggest 24-hour period for e-commerce shopping in the US – Cyber Monday – generated impressive sales of $2.29 billion in 2013. But by just 1:04 pm on Single’s Day, 2013, a Chinese celebration for bachelors and breaking the previous year’s record and spending $3.1 billion.

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But the party was just getting started – after the day was over, Chinese shoppers had spent $5.7 billion (RMB 35 billion) – making Cyber Monday’s $2.29 billion record pale in comparison.

Single’s Day is a good illustration of just how rapidly the Chinese e-commerce juggernaut is rising. By 2020 the market is estimated to be worth more than the US, UK, Japan, Germany, and France combined.

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However, for all the dizzying growth, there are a number of challenges that international merchants should keep in mind as they enter this unique market. This report will walk you through some of the key practical advice based on extensive, on-the-ground experience.

Click here to get your copy of Adyen's Report on the Chinese Payment Market.

 

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