As reported by China Tech Insights.
China is going cashless, no doubt. Chinese consumers spent a total of US$5.5 trillion via mobile payment platforms last year, or simply put, it was about 50 times more than their American counterparts (around US$112 billion), according to data from Forrester Research and iResearch.
The credit of the country’s multi-trillion dollar mobile payment market goes to China’s third-party QR code-scanning mobile payment platforms, led by WeChat Pay and Alipay. Statistics show that from 2013 to 2016, the number of transactions made through non-banking mobile apps increased from 3.777 billion to more than 97 billion, with a compound annual growth rate of over 195%, according to 2017 China Mobile Payment Usage Report … Read full article
