Aug 15, 2023 04:55 AM

FINANCE

Third-Party Payment Industry Consolidates as Prepaid Card Issuers Exit

00:00

00:00/00:00

Listen to this article 1x

In 2022, the value of transactions through online payment expanded 7.4% to 2,528 trillion yuan, while mobile payments slid 5% to 499.6 trillion yuan

In 2022, the value of transactions through online payment expanded 7.4% to 2,528 trillion yuan, while mobile payments slid 5% to 499.6 trillion yuan

What’s new: China’s third-party payment industry is consolidating amid an industry revamp that has eliminated many unqualified players.

By the end of March, the number of licensed non-bank payment operators totaled 193 in China, compared to 201 at the end of 2022 and 224 at the end of 2021, according to the latest data released by the Payment and Clearing Association of China (PCAC).

Register to read this article for free.

Register

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China Celebrates Golden Week

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: Visa-Free Travel, U.S. Tariffs Drive Chinese Companies to Malaysia

00:00

00:00/00:00

MOST POPULAR

1: In Depth: The Unfinished Transformation of China’s LGFVs

2: Cover Story: China Rewrites the Rules of Financial Failure

3: Deadly SU7 Blaze Triggers $10 Billion Rout in Xiaomi Stock

4: In Depth: Chinese Firms Face Shifting Global IPO Landscape

5: Exclusive: Former ICBC Ally of Fallen Finance Czar Yi Huiman Unreachable

SPONSORED

OR