Since 2012, the growth rate of transactions on China’s ecommerce websites was an annual 34%. It has grown from 8.1 trillion RMB in 2012 to 26.1 trillion RMB in 2017. During this 5 year period, the number of consumers who shop online has grown from 240 million almost 500 million. Online retail trade grew by an average of 40% each year, reaching nearly 5.2 trillion RMB in 2017 from 1.3 trillion RMB in 2012. The number of people employed directly & indirectly by the ecommerce sector has risen from 15 million to 37 million.

Some think of an e-wallet as the digital equivalent to the traditional leather wallet, where all you plastic cards are stored. Others think of an e-wallet as a stored value account for a digital currency, which requires a licence. In this article, we refer to e-wallets as an app or software used by consumers to store the credentials of their:

With over 963 million active users, WeChat is the most popular social network in China. The platform encompasses messaging, social networking, plus an e-wallet and even more. It is a true lifestyle platform in China, and it is estimated that the app accounts for almost 30% of mobile usage in the country.