E-commerce set to grow 15% by 2020

Chinese e-commerce is set to grow by 15 percent by 2020, cementing its position as the biggest e-commerce market worldwide, according to a report issued by Worldpay, a leading payments company with global reach.

E-wallets were the most popular payment method in China in 2016 with an overwhelming 56 percent of market share, followed by debit cards and credit cards, both with 11 percent of the payments market, the London-listed Worldpay said on Thursday.

Cash on delivery also held 8 percent of market share, with bank transfers taking the remaining 7 percent of market share in 2016.