Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw both its active mobile payment accounts and average daily payment transactions exceed 600 million, according to a new report released by Tencent Research Institute, The Chongyang Institute for Financial Studies at Renmin University of China, and research firm Ipsos.
Based on a sample data set from WeChat Pay in 324 Chinese cities along with an online survey of 6,595 respondents, the survey found that the cashless lifestyle is quickly becoming a reality in China.
Specifically, 52% of Chinese use cash for 20% or less of their monthly consumption. Around 74% of people stated that they could live for more than a month with only RMB100 (US$15) in cash, and 84% said that they co...
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