Chinese consumers increasingly rely on digital payment platforms for domestic and cross-border transactions, while high fees and settlement delays remain key pain points, according to a recent report by Thunes and Juniper Research.

The findings, drawn from Thunes’ Cross-Border Payments Interoperability Index: Asia Pacific Report, show that only 15 percent of respondents in China use cash daily, highlighting the importance of digital payment integration for businesses seeking to reach Chinese consumers.

The report also points to the growing role of digital platforms among younger consumers.

Some 28 percent of Generation Z respondents said a super-app was their first financial entry point.

Overall, 50 percent of respondents send money through mobile wallets, while 35 percent receive funds through digital banks.

Cross-border e-commerce is a major driver of outbound payments, with 51 percent of Chinese consumers sending money overseas for online purchases.

Another 44 percent said they send money abroad to support family or friends.

Inbound transfers are also linked to professional and investment income. Some 43 percent of recipients receive overseas investment income, while 36 percent collect foreign salary payments, the report found.

However, high transaction costs and slow processing times remain challenges.

More than half (51 percent) of recipients and 44 percent of senders said they faced fees exceeding 3 percent.

Meanwhile, 31 percent of respondents said international payments took more than two days to arrive.

Thunes said its Direct Global Network provides direct connections to digital payment platforms in China, including Alipay and WeChat Pay, to facilitate cross-border payments.

The company said its SmartX Treasury System and Fortress Compliance Platform support payouts and collections into local bank accounts and digital wallets, serving banks, fintech companies and global platforms through a single integration.

“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, Senior Vice President Greater China at Thunes.

Nick Maynard, Vice President of Research at Juniper Research, said that 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,” he added.

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