Forecast: Number of Card Payments in China

Between 2013 and 2023, the number of card payments in China increased significantly, from 12.97 billion units to 53.51 billion units. This substantial rise demonstrates strong growth in card payments usage, particularly in the first seven years, followed by a more moderate increase in subsequent years. The year-on-year growth rate spiked at 52.3% in 2014 and generally decreased over time, reflecting the market's maturation. In the latest two years, the year-on-year variation was around 5%, and the 5-year Compound Annual Growth Rate (CAGR) was 5.61% in 2023.

Looking ahead, from 2024 to 2028, forecasts suggest that the number of card payments will continue to rise but at a slower pace compared to previous years. The forecasted CAGR for this period stands at 3.08%, projecting a growth rate of 16.35% over the five years, reaching 65.06 billion units by 2028.

Future trends to watch for include the impact of digital wallets and mobile payments, which may either complement or substitute traditional card payments, depending on advancements in technology and consumer preferences. Additionally, regulatory changes and innovations in payment security will likely influence the market dynamics.