Forecast: Value of Card Payments in China

The value of card payments in China has seen significant growth over the past decade, starting from $5.14 trillion in 2013 to reaching $12.56 trillion in 2023. This represents a 4.41% year-on-year increase in 2023 following a slight decline in 2022. Over the last two years, card payment values have shown moderate fluctuations. The five-year CAGR from 2019 to 2023 stands at 5.09%, indicating steady but slowing growth compared to earlier years.

Future trends to watch for:

• The projected growth rate over the next five years (2024-2028) is 14.88%, with a forecasted CAGR of 2.81%, suggesting modest but continued expansion in the card payment market.
• Potential influences include government regulations, technological advancements in digital payments, and shifts in consumer behavior towards cashless transactions.