Powerful opportunities to unlock global commerce growth in China: 51% of receivers and 44% of senders face transaction fees over 3%, giving fintechs a clear opening to win market share – study
Thunes, the Smart Superhighway to move money around the world released consumer data on cross-border payments in China from its Cross-Border Payments Interoperability Index: Asia Pacific Report, launched in partnership with Juniper Research.
The findings show that consumer payment preferences in China are overwhelmingly digital-first, with widespread engagement across super-apps, mobile wallets, and digital banks:
. A virtually cashless domestic market: With just 15% of respondents relying on cash daily, global merchants and platforms must integrate domestic digital payment methods to successfully engage and convert consumers in China.
. Emerging generations bypass traditional banking: 28% of Gen Z opened a super-app as their first financial entry point, while overall, 50% send money via mobile wallets and 35% receive funds via digital banks, making native wallet integration critical for building long-term loyalty.
. Commercial trade outpaces remittances: 51% of Chinese consumers send funds abroad specifically for cross-border eCommerce, signaling demand for optimised merchant solutions. In contrast, 44% of Chinese consumers send money abroad to support family or friends.
. Professional income powers inbound transfers: 43% of recipients collect overseas investment income and 36% receive foreign salary payments, requiring platforms to offer fast, direct payout capabilities into Chinese bank and wallet accounts.
. High transfer costs persist across corridors: 51% of receivers and 44% of senders face transaction fees over 3%, giving fintechs a clear opening to win market share by offering transparent, cost-efficient pricing.
. Settlement delays create friction for users: 31% of Chinese consumers wait over 2 days for international payments to arrive, creating a distinct competitive advantage for platforms that deliver instant, real-time payouts.
„Thunes resolves these cross-border friction points through its proprietary Direct Global Network, which bypasses fragmented legacy rails to provide direct, real-time connections to China’s most popular digital payment methods, including Alipay and WeChat Pay.” – the company said.
Powered by its in-house SmartX Treasury System and Fortress Compliance Platform, Thunes enables banks, fintechs, and global platforms to deliver instant, cost-effective, and fully transparent payouts and collections directly into local bank accounts and digital wallets. This gives global businesses a reliable, single-integration route to serve Chinese consumers on their preferred terms while eliminating settlement delays and high fees.
“Chinese consumers have set a high benchmark for payment convenience through their daily reliance on digital wallets and super-apps. Whether purchasing from overseas merchants, receiving freelance income, or collecting investment returns, they are actively participating in the global digital economy. Our mission is to make these preferred local payment tools accessible to the Members of our network, making cross-border transactions just as effortless, transparent, and secure as paying locally.” – said Allen Zhou, SVP Greater China at Thunes
“With local payment ecosystems in tech-forward markets advancing rapidly, cross-border connections offer tremendous potential for growth. Ensuring seamless connectivity between popular local channels, such as super-apps and digital banks, and global payout networks is the key to unlocking an extraordinary last-mile experience for everyday users.” – said Nick Maynard, VP of Research at Juniper Research
To explore the complete research findings, market benchmarks, and consumer trends across the Asia-Pacific region, access the report here: Cross-Border Payments Interoperability Index: Asia Pacific Report
