Summary

According to PayNXT360, B2B BNPL payments in the country are expected to grow by 21.2% on an annual basis to reach US$33,971.1 million in 2025.

China B2B BNPL adoption continues to accelerate as businesses increasingly seek flexible payment solutions for procurement and trade transactions.The medium to long-term growth story of the B2B BNPL industry in the country remains strong. B2B BNPL payment adoption is expected to grow steadily, recording a CAGR of 15.5% during 2026-2030. The gross merchandise value is projected to increase from US$33,971.1 million in 2025 to US$71,691.9 million by 2030.

Key Trends and Drivers in China's B2B Buy Now, Pay Later (BNPL) Market

China's B2B BNPL market is the largest in Asia by transaction volume but differs fundamentally in structure from Western markets, being organised predominantly through platform ecosystems operated by state-linked enterprises and technology conglomerates rather than through independent fintech providers. Ant Group, JD Finance, and bank-affiliated supply chain finance platforms have built integrated products that function as B2B BNPL within their ecosystems, extending payment terms to SME suppliers in anchor buyer programs sponsored by state-owned enterprises and major private manufacturers. Cross-border B2B BNPL is a growing sub-segment, driven by China's position as the world's largest exporter and by export fintech platforms that enable Chinese manufacturers to extend payment terms to international buyers while receiving renminbi settlement immediately. Over the next 2–4 years, the market will remain platform-dominated.

Supply Chain Finance Platforms Define the B2B BNPL Architecture
• China's B2B BNPL market is structured through supply chain finance platforms operated by large state-linked enterprises and tech conglomerates. Ant Group's Mybank supply chain finance offering and JD Finance's business credit products extend payment terms to SME suppliers within anchor buyer programs, where large state-owned enterprises sponsor the credit facility and provide implicit demand guarantees that reduce underwriting risk.
• China's supply chain finance market is backed by State Council policy guidance to expand SME supplier financing, with policy banks including China Development Bank providing wholesale funding to supply chain finance platforms at below-market rates. This policy support gives platform-based B2B BNPL a structural cost advantage over independent fintech models.
• Platform-based B2B BNPL will remain dominant in China, with state-affiliated players retaining structural advantages through policy bank funding access, regulatory preferential treatment, and anchor buyer relationships with state-owned enterprises. Independent fintech B2B BNPL providers will be limited to niche segments where platform operators have not yet developed sufficient product capability.

Agricultural Supply Chains Access Structured Payment Terms
• China's agricultural sector, employing over 250 million people, has historically had minimal access to formal trade credit. B2B BNPL products for agri-input purchasing covering seeds, fertiliser, and equipment are being developed by platforms including JD Agriculture and Pinduoduo's Duomai Business, using agricultural purchase history data and rural credit cooperative records to underwrite seasonal credit for farmers and agri-SMEs.
• China's rural revitalisation strategy, a national policy priority, has directed fintech platforms with deep rural penetration particularly Pinduoduo to expand financial services to agricultural businesses. Digital platforms that have accumulated agri-transaction data through e-commerce and supply chain management tools are applying this data to B2B BNPL underwriting for a segment that banks have historically been unable to serve efficiently.
• Agricultural B2B BNPL will grow as rural internet penetration increases and as digital platforms deepen engagement with farming and agri-processing supply chains. This represents a new and large addressable market for B2B BNPL in China, with government backing ensuring that investment in agricultural fintech continues.

Regulatory Restructuring Concentrates the Market Among Licensed Platforms
• The People's Bank of China and CBIRC have tightened oversight of online lending platforms since 2021, requiring platforms offering credit products to obtain banking or lending licences. This has restructured the independent B2B BNPL market, with several providers either obtaining licences, entering partnerships with licensed banks, or exiting. The regulatory framework now requires B2B lending platforms to be licensed, adequately capitalised, and subject to credit reporting obligations.
• The Ant Group regulatory action of 2021 set the precedent for how Chinese authorities view large fintech companies offering credit at scale. The regulatory principle established that fintech platforms providing credit must bear appropriate regulatory capital requirements rather than acting as intermediaries without capital at risk has reshaped how all Chinese B2B BNPL platforms structure their operations.
• Regulatory barriers have raised the cost of operating independently in China's B2B BNPL market, concentrating activity among large, well-capitalised platform players. International B2B BNPL entrants face additional barriers from data localisation requirements, cross-border data transfer restrictions, and the licensing complexity of operating as a credit provider in China.

Competitive Landscape and Regulatory Changes in China's B2B BNPL Market

China's B2B BNPL market is large but structured through platform ecosystems rather than competitive standalone providers. Ant Group, JD Finance, and bank-linked supply chain finance platforms dominate domestic B2B BNPL, while cross-border export fintech providers serve the growing segment of Chinese manufacturers extending terms to international buyers. The market is more technology-advanced but more structurally concentrated than Western B2B BNPL markets.

Competitive intensity is low within the domestic market due to platform concentration and regulatory barriers to new entrant licensing. Competition occurs primarily between Ant Group, JD Finance, and state bank-affiliated platforms within their respective ecosystem boundaries. Cross-border B2B BNPL is more competitive, with PingPong, Airwallex, and Lianlian Digital competing for Chinese exporter relationships and international buyer integrations.

Key Players and New Entrants
• Ant Group's Mybank supply chain finance offering represents the most sophisticated automated B2B BNPL infrastructure in China. Mybank, which holds a commercial banking licence, provides the regulatory foundation for Ant Group's B2B lending activities following the 2021 restructuring.
• JD Finance, operating through JingDong Digits Technology, provides supply chain credit for the JD.com ecosystem's supplier network. JD Finance's integration with JD.com's logistics and warehouse management data provides underwriting data that external B2B BNPL providers cannot access.
• Industrial and Commercial Bank of China (ICBC) has expanded digital supply chain finance capabilities for automotive and manufacturing sector SME suppliers, representing the most advanced traditional bank B2B BNPL-equivalent product in China.
• PingPong: The leading cross-border export fintech providing B2B payment terms for Chinese exporters, handling foreign currency settlement and renminbi disbursement for SME manufacturers using international e-commerce platforms.
• Airwallex: The Australian-Chinese co-founded cross-border payments platform offering B2B payment term products for Chinese exporters, providing multi-currency settlement with embedded BNPL functionality for manufacturer-buyer relationships.

Recent Launches, Mergers, and Acquisitions
• Ant Group relaunched its business finance product suite following the completion of its regulatory restructuring, with Mybank resuming growth of its SME supply chain lending book under a new governance framework aligned with PBOC and CBIRC requirements.
• JD Finance expanded its supply chain BNPL product to additional manufacturing verticals, adding electronics component and consumer goods supply chains to its existing industrial and apparel coverage.
• PingPong expanded coverage to additional Chinese export platforms, adding integrations with Shopee and TikTok Shop's merchant platforms alongside existing Alibaba International coverage.
• The PBOC's credit registry expansion to include NBFC and fintech lending data now requires all B2B BNPL platform lenders to report credit extensions, repayment performance, and defaults to the national credit registry, improving system-wide credit data quality.

Competitive Landscape Outlook for the Next 2–4 Years
• China's B2B BNPL market will remain platform-dominated over the next 2–4 years, with Ant Group, JD Finance, and state bank platforms maintaining dominant positions. Growth will come from expanding existing platform capabilities into new sectors particularly agriculture and healthcare rather than from new independent entrants.
• Cross-border B2B BNPL will grow alongside Chinese export volume expansion, with export fintech providers expanding their suite of financial products for Chinese manufacturers accessing international buyers.
• Regulatory compliance requirements will continue to raise barriers to entry, consolidating the market further among licensed, well-capitalised platform operators. International fintech providers considering China market entry will need to establish domestic subsidiaries with local licences.
• The PBOC's digital yuan (e-CNY) expansion into B2B settlement use cases may eventually provide a government-backed payment infrastructure layer that B2B BNPL providers can use for domestic settlement, reducing reliance on commercial bank transfer rails.

Regulatory Changes
• China's Personal Information Protection Law (PIPL) and Data Security Law impose strict requirements on the collection, use, and cross-border transfer of business financial data used in B2B BNPL underwriting, requiring explicit consent for data use and domestic storage for all credit-related data.
• The State Administration of Foreign Exchange (SAFE) updated foreign exchange management regulations affecting cross-border B2B BNPL transactions, requiring export fintech providers to obtain enhanced SAFE registration and report cross-border payment flows above defined thresholds.

This report provides a detailed, data-centric analysis of B2B Buy Now Pay Later industry, covering market opportunities across end-use sectors, retail product categories, sales channels, and company size segments. With 45+ KPIs, the report offers a comprehensive understanding of B2B BNPL market dynamics, size, forecast, and competitive landscape.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

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Table of Contents

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Definition
1.4 Disclaimer

2. China B2B BNPL Market Size and Future Growth Dynamics by Key Performance Indicators

3. China B2B Buy Now Pay Later Industry Attractiveness
3.1 China B2B Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2021–2030
3.2 China B2B Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2021–2030
3.3 China B2B Buy Now Pay Later – Transaction Volume Trend Analysis, 2021–2030

4. China B2B BNPL Snapshot by End-Use Sector, 2021–2030

5. China B2B Buy Now Pay Later in Retail: Market Size and Forecast, 2021–2030
5.1 China B2B Buy Now Pay Later Retail – Gross Merchandise Value Trend Analysis, 2021–2030
5.2 China B2B Buy Now Pay Later Retail – Average Value Per Transaction Trend Analysis, 2021–2030
5.3 China B2B Buy Now Pay Later Retail – Transaction Volume Trend Analysis, 2021–2030

6. China B2B BNPL Snapshot by Key Retail Product Categories, 2021–2030
6.1 China B2B Buy Now Pay Later – Electronics & Accessories – Gross Merchandise Value Trend Analysis, 2021–2030
6.2 China B2B Buy Now Pay Later – Office Supplies – Gross Merchandise Value Trend Analysis, 2021–2030
6.3 China B2B Buy Now Pay Later – Cleaning Products – Gross Merchandise Value Trend Analysis, 2021–2030
6.4 China B2B Buy Now Pay Later – Fashion & Apparel – Gross Merchandise Value Trend Analysis, 2021–2030
6.5 China B2B Buy Now Pay Later – Beauty & Personal Care – Gross Merchandise Value Trend Analysis, 2021–2030
6.6 China B2B Buy Now Pay Later – Pantry & Food Products – Gross Merchandise Value Trend Analysis, 2021–2030
6.7 China B2B Buy Now Pay Later – Other – Gross Merchandise Value Trend Analysis, 2021–2030

7. China B2B Buy Now Pay Later in Manufacturing: Market Size and Forecast, 2021–2030
7.1 China B2B Buy Now Pay Later Manufacturing – Gross Merchandise Value Trend Analysis, 2021–2030
7.2 China B2B Buy Now Pay Later Manufacturing – Average Value Per Transaction Trend Analysis, 2021–2030
7.3 China B2B Buy Now Pay Later Manufacturing – Transaction Volume Trend Analysis, 2021–2030

8. China B2B Buy Now Pay Later in Transport and Logistics: Market Size and Forecast, 2021–2030
8.1 China B2B Buy Now Pay Later Transport and Logistics – Gross Merchandise Value Trend Analysis, 2021–2030
8.2 China B2B Buy Now Pay Later Transport and Logistics – Average Value Per Transaction Trend Analysis, 2021–2030
8.3 China B2B Buy Now Pay Later Transport and Logistics – Transaction Volume Trend Analysis, 2021–2030

9. China B2B Buy Now Pay Later in Professional Services: Market Size and Forecast, 2021–2030
9.1 China B2B Buy Now Pay Later Professional Services – Gross Merchandise Value Trend Analysis, 2021–2030
9.2 China B2B Buy Now Pay Later Professional Services – Average Value Per Transaction Trend Analysis, 2021–2030
9.3 China B2B Buy Now Pay Later Professional Services – Transaction Volume Trend Analysis, 2021–2030

10. China B2B Buy Now Pay Later in Industrial Applications: Market Size and Forecast, 2021–2030
10.1 China B2B Buy Now Pay Later Industrial Applications – Gross Merchandise Value Trend Analysis, 2021–2030
10.2 China B2B Buy Now Pay Later Industrial Applications – Average Value Per Transaction Trend Analysis, 2021–2030
10.3 China B2B Buy Now Pay Later Industrial Applications – Transaction Volume Trend Analysis, 2021–2030

11. China B2B Buy Now Pay Later in Healthcare: Market Size and Forecast, 2021–2030
11.1 China B2B Buy Now Pay Later Healthcare – Gross Merchandise Value Trend Analysis, 2021–2030
11.2 China B2B Buy Now Pay Later Healthcare – Average Value Per Transaction Trend Analysis, 2021–2030
11.3 China B2B Buy Now Pay Later Healthcare – Transaction Volume Trend Analysis, 2021–2030

12. China B2B Buy Now Pay Later in Other Sectors: Market Size and Forecast, 2021–2030
12.1 China B2B Buy Now Pay Later Other – Gross Merchandise Value Trend Analysis, 2021–2030
12.2 China B2B Buy Now Pay Later Other – Average Value Per Transaction Trend Analysis, 2021–2030
12.3 China B2B Buy Now Pay Later Other – Transaction Volume Trend Analysis, 2021–2030

13. China B2B Buy Now Pay Later Spend Analysis by Sales Channel
13.1 China B2B BNPL Market Share by Sales Channel, 2021–2030
13.2 China B2B Buy Now Pay Later Online Channel Market Size and Forecast, 2021–2030
13.3 China B2B Buy Now Pay Later POS Channel Market Size and Forecast, 2021–2030

14. China B2B Buy Now Pay Later Spend Analysis by Company Size
14.1 China B2B Buy Now Pay Later Market Share by Size of Company, 2021–2030
14.2 China B2B Buy Now Pay Later by Company Size – Small – Gross Merchandise Value Trend Analysis, 2021–2030
14.3 China B2B Buy Now Pay Later by Company Size – Medium – Gross Merchandise Value Trend Analysis, 2021–2030
14.4 China B2B Buy Now Pay Later by Company Size – Large – Gross Merchandise Value Trend Analysis, 2021–2030

15. Further Reading
15.1 About PayNXT360
15.2 Related Research