In 2023, card payments per inhabitant in China stood at around 38.86. The forecasted increase is steady, with card payments per inhabitant expected to grow from 40.43 in 2024 to 47.02 in 2028. This reflects an annual increase, with year-on-year growth rates approximately ranging from 3% to 4%. The CAGR over the five-year period is projected to be around 4%. Such growth indicates a robust expansion in the adoption and utilization of card payments.
Future trends to watch for:
- Digital payment innovations like mobile wallets and QR code payments.
- E-commerce growth influencing card usage.
- Government initiatives promoting cashless transactions.
- Potential economic challenges affecting consumer confidence and spending.
