Annual Comparison of China's B2B Cross-Border Payment Market Size (2020-2024)

Market Size Overview

China's B2B cross-border payment market is one of the world's largest enterprise payment markets, benefiting from cross-border e-commerce and digital transformation of foreign trade. In 2020, affected by the initial pandemic, the market size was approximately RMB 4.5 trillion. As global trade recovered and digital payment penetration increased, it grew to RMB 5.2 trillion in 2021 (+15.6%). In 2022, despite macroeconomic fluctuations, strong demand in B2B payment scenarios (e.g., supply chain finance, cross-border e-commerce collections) pushed the market to RMB 6.0 trillion (+15.4%). In 2023, though China's foreign trade faced pressure, improved payment infrastructure expanded the market to RMB 6.8 trillion (+13.3%). In 2024, it is estimated to reach RMB 7.5 trillion (+10.3%), with slower growth but significant absolute increment.

Key Drivers

• Booming Cross-Border E-commerce: In 2023, China's cross-border e-commerce exports reached RMB 1.83 trillion, driving B2B payment demand.
• Digital RMB Pilots: Gradual application in B2B payment scenarios reduces transaction costs.
• Fintech Firms Going Global: Companies like Lianlian Pay and PingPong expand overseas through localized partnerships.

Data Source and Notes

Data is based on reports from Analysys, iResearch, and industry estimates, representing total transaction volume of China's cross-border B2B payments (including collection, payment, currency exchange, etc.) in RMB trillions. Actual values may vary slightly due to statistical caliber differences.