A new report on the Chinese payments sector highlights the overwhelming predominance of mobile and QR-code based payments systems.
The “2020 Mobile Payments Security Grand Survey Report” (2020移动支付安全大调查报告) released by China UnionPay on 1 February found that 98% of survey respondents considered mobile payments to be their most commonly used form of payment, for an increase of five percentage points compared to the preceding year.
“For the third consecutive year the convenience of mobile payments has been the main factor of consideration for survey respondents when choosing mobile payments,” said Wang Yu (王宇), senior supervisor from China UnionPay’s risk control department.
The report also found that 30% of survey respondents made regular use of the Internet for direct purchases, and highlighted an “organic integration” between online payments platforms and offline small businesses, such as street vendors, fruit stores and vegetable markets.
8% of survey respondents said that they had incurred economic loss as a result of online fraud in 2020, for a decline of 4 percentage points compared to 2019.