The rapid rise of third-party electronic payments is boosting China’s online consumer market growth and it will support its economy’s rebalancing, a Moody’s report said. The value of the third-party e-payments in China has grown at an annual rate of more than 100 per cent since 2015, offering consumers an alternative to banks’ payment channels at lower transaction costs, said the credit rating agency. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Safer Internet Day 2021: Here's how you can ensure your online security
The growth stimulates online consumption and services, benefiting internet companies and service companies along the supply chain, Xinhua news agency quoted the report as saying.
In the long term, the development of e-payments and overall the growth of e-commerce would encourage China’s economic rebalancing toward consumption from investment, Moody’s said. It would support the growth of the service sector, which would boost employment and consumption, and in turn stimulate more e-payments, it added. ALOS READ: Reliance Communications disagrees with rating actions of Moody s, Fitch