$3.46 Trillion in 3 Months: China’s Colossal Mobile Payments Market

Xinhua News reports that consumers in China’s third-party mobile payment market spent a total of $3.46 trillion (23 trillion yuan) in mobile transactions during the second quarter of 2017 alone. This represents a 22.5% increase from the first quarter of this year. There are currently 724 million mobile users who call China home, and about 35% of them use mobile payment services, the news outlet details. Only 31.8% prefer using more traditional payment methods, like credit cards or cash. Observers and Sinophiles will not be surprised to learn that Alibaba and Tencent dominate the Chinese mobile payments market, with the

Source: $3.46 Trillion in 3 Months: China’s Colossal Mobile Payments Market