Forecast: Number of Payment Transactions by Non-banks in China

The value of payment transactions by non-banks in China has shown significant growth from 2013 to 2023. In 2023, the volume stood at 64.59 billion units. The year-on-year variation in 2023 was 4.74%, reflecting a more stable growth rate. Over the past decade, especially from 2013 to 2023, the growth has moderated from a CAGR of 40.74% in 2016 to 5.52% in 2023. Forecasts predict continued growth, reaching 78.48 billion units in 2028, with a projected 5-year CAGR of 3%.

Looking forward, several trends merit attention:

• Disruptive technologies and blockchain integration in payment systems.
• Further digitalization and mobile payment adoption in rural areas.
• Increased regulatory scrutiny and security measures for non-bank payment providers.
• Expansion of cross-border payment solutions and services.