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Mobile payments are possibly becoming more widespread. There are around 5.2 billion mobile users in the world as of today. The mobile payments industry is also probably forecasted to develop to approximately $12.06 trillion by 2027 with a CAGR of around 31.2%.
China is said to be the World’s Hub of FinTech adoption and mobile payments. It might have scored about 87% in Ernst and Young’s 2019 fintech adoption index-much. It could also be one of the first countries in the world to build a cashless society through digital wallets and QR codes.
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