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Adoption and Mobile Payments

[karanyashi]

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While America spent the past decade upgrading its bank-based magnetic striped cards with chips, China built a revolutionary payment system that the western world still lags behind.  In fact, China was able to leapfrog the card-based system, and has become a leader when it comes to these other companies adoption and mobile payments.

 

As of June 2020, more than approximately 765 million Chinese completed at least one mobile transaction annually, with approx 802 million mobile payment users in the entire country. To put that in perspective, that’s around over half of the country’s entire population. Additionally, approximately 37.1% of these users also make a mobile payment daily. To illustrate how rapid this growth is, only approx 125.48 million Chinese were mobile payment users in 2013. Check disclaimer on my profile and landing page.