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2023 Fee-Paying Industry Report Released

Nov 20-2023   



On November 9, as part of the Financial Street Forum, China Everbright Bank and the National School of Development jointly unveiled a report on household digital payment and its ramifications for high-quality development. The research project was led by Xie Xuanli, NSD Associate Researcher, and Senior Fellow and Research Supervisor of PKU Institute of Digital Finance.

 

The report shows that households are increasingly using digital payment in various scenarios, reaching 87.31 in 2022, compared with 76.90 in 2017, as measured by an index crafted by the team. It concludes that cutting-edge developments such as digital RMB, AI, and digital governance will further enhance the quality and level of convenience for people to make payments.

 

In 2022, online payments accounted for 76% of all payments by individuals. Zooming in, 77% of utility bills, 78% of educational fees, and 59% of medical expenses were paid online. The figures for transportation, public services, and digital products reached 74%, 77%, and 96% respectively.

 

Digital payment is found to aid the construction of ‘digital countryside’ and rejuvenation of rural areas. It also boosts equity in resource allocations and public services. As far as water, electricity, and gas bills are concerned, online payment levels are at roughly the same levels among the eastern, middle and western parts of China.

 

The launch of digital RMB has initiated new payment methods and spurred the synergetic development of people-friendly finance. Not only is payment in e-RMB more secure and simplified, its offline functions expand fee-paying scenarios and its smart functions enable users to define their own payment solutions.

 

According to the report, AI is expected to lead to smart customer services, smart information recognition, smart marketing, and smart risk controls. As fee-paying data is intelligently mined, data governance will benefit both payers and service providers along the value chain. The social credit system will benefit, too, resulting in better risk evaluation and loan decisions.

2023 Fee-Paying Industry Report Released

Nov 20-2023   



On November 9, as part of the Financial Street Forum, China Everbright Bank and the National School of Development jointly unveiled a report on household digital payment and its ramifications for high-quality development. The research project was led by Xie Xuanli, NSD Associate Researcher, and Senior Fellow and Research Supervisor of PKU Institute of Digital Finance.

 

The report shows that households are increasingly using digital payment in various scenarios, reaching 87.31 in 2022, compared with 76.90 in 2017, as measured by an index crafted by the team. It concludes that cutting-edge developments such as digital RMB, AI, and digital governance will further enhance the quality and level of convenience for people to make payments.

 

In 2022, online payments accounted for 76% of all payments by individuals. Zooming in, 77% of utility bills, 78% of educational fees, and 59% of medical expenses were paid online. The figures for transportation, public services, and digital products reached 74%, 77%, and 96% respectively.

 

Digital payment is found to aid the construction of ‘digital countryside’ and rejuvenation of rural areas. It also boosts equity in resource allocations and public services. As far as water, electricity, and gas bills are concerned, online payment levels are at roughly the same levels among the eastern, middle and western parts of China.

 

The launch of digital RMB has initiated new payment methods and spurred the synergetic development of people-friendly finance. Not only is payment in e-RMB more secure and simplified, its offline functions expand fee-paying scenarios and its smart functions enable users to define their own payment solutions.

 

According to the report, AI is expected to lead to smart customer services, smart information recognition, smart marketing, and smart risk controls. As fee-paying data is intelligently mined, data governance will benefit both payers and service providers along the value chain. The social credit system will benefit, too, resulting in better risk evaluation and loan decisions.