China to overtake US as top market for digital payments by 2020, report says

October 10, 2017
Industry News
Content Provided By:

Laura He
[email protected]

Growth in digital transactions in China to reach 36 per cent over the next five years thanks to surging popularity, with the untapped rural markets also pushing up growth rates, report by Capgemini and BNP Paribas says

China is set to be the global leader in digital payments by 2020, overtaking the US in a market predicted to grow by double-digit rates over the next few years according to a study.

The number of global non-cash transactions will increase at a compound annual growth rate of 10.9 per cent until 2020, when they will reach 726 billion, French technology consulting firm Capgemini and banking group BNP Paribas said in the “World Payments Report 2017”, released on Monday.

Developing economies as a whole will grow at 19.6 per cent a year, with emerging Asia, led by China and India, set to record the highest growth worldwide – 30.9 per cent – due to sustained digital innovation and adoption of digital payments.

“By 2020, it is highly likely that emerging economies will be the powerhouses of global non-cash transaction volumes growth, with China most likely challenging the US as the leading market,” the report said. China alone will see growth of 36 per cent over the next five years, it added.

The study comes shortly after a United Nations report that predicted online, mobile, and digital currency payment systems would overtake credit and debit cards as the most popular ways to pay for e-commerce worldwide by 2019.

China is currently in third position in terms of the total non-cash transaction volumes. Its growth would be driven by multiple initiatives designed to create a cashless economy, improve financial inclusion and increase digital payments innovation, the report said.Continue Reading

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