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Caixin Global
Caixin Global
Business

Third-Party Payment Industry Consolidates as Prepaid Card Issuers Exit

Caixin
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).

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