China’s Shoppers Spent Record $41.5T on Their Phones Last Year

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China’s Shoppers Spent Record $41.5T on Their Phones Last Year

Apr 2, 2019

"China's mobile payment transactions have hit a record US$41.5 trillion, a 14x increase in the past five years. Many users have adopted digital payments as their primary financial tool, skipping plastic/paper money altogether. This is similar to the adoption of mobile phones as a primary medium for internet consumption, skipping PC's and desktops. Alipay and WeChat dominate the space with both capturing 90% of the expenditure." - Tarun Pathak

(Source: Tech in Asia)

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