Asia-Pacific · GDP rank #2
China
CN · CNY @ 0.1471/USD
The only major economy where third-party mobile wallets displaced cards as the primary consumer rail. Alipay and WeChat Pay together clear the overwhelming majority of retail volume; UnionPay remains the dominant card network behind the scenes. The e-CNY is the most-piloted retail CBDC in the world but remains a fraction of total flow; the January 2026 framework revision moves it from cash-equivalent toward interest-bearing digital deposit money. State policy since 2020 has reined in big-tech finance and pushed the sector toward regulated, state-supervised infrastructure.
Tab 06
Fraud & security
Headline fraud totals and typology splits, the rollout of EMV chip, tokenisation, 3DS and biometrics, and the controlling data-protection and payments statutes.
Annual fraud losses
CNY · 2023
Loss rate
bp on card transaction value · 2023
CNP share of fraud
% · 2023
Fraud typology
Where losses come from
Card-not-present dominates every developed-market fraud profile — counterfeit and lost/stolen have both been mechanically suppressed by EMV and tokenisation over the last decade.
Share of card fraud
- Telecom / online scam + transfer fraud~65%
- CNP card fraud58%
Authentication
What's deployed on cards today
EMV is the floor; tokenisation removes PAN from merchant systems; 3DS covers the CNP flow; biometric auth drives device-level wallet transactions. Adoption gaps between markets are the clearest signal of fraud-regime maturity.
EMV chip penetration
% · 2024
Tokenised transactions
% · 2024
3DS coverage · CNP
% · 2024
Real-name authentication + SMS OTP + biometric is standard for wallet and card CNP.
Biometric mobile wallet txns
% · 2024
Consumer protection
- Framework
- PBOC Payment Services Regulation + Consumer Rights Protection Law
- Max consumer liability
- No explicit statutory cap; PBOC guidance expects institutions to absorb unauthorised-transaction losses on verified accounts
- Liability rules
- Unauthorised transactions on real-name-verified accounts are investigated by PBOC-supervised institutions; liability allocation follows the Non-Bank Payment Institutions Regulation (2024). Scam losses are addressed under the Anti-Telecom Fraud Law, which obliges banks and payment institutions to delay suspicious transfers and supports victim recovery through a state-run fund.
Source · State Council
Security standards
- ▌PCI DSS 4.0 (UnionPay-acquired merchants)
- ▌PBOC Payment Institution Risk Rating system
- ▌Personal Information Protection Law (PIPL) data rules
- ▌Anti-Telecom and Online Fraud Law (2022, in force)