Chinese consumers do 11x more payments via digital wallets than the average U.S. citizen. WeChat and AliPay are blazing the way while U.S. usage remains flat. WeChat, owned by Tencent, is approaching a billion users with each averaging an hour on the app per day with the ability to pay for an incredible array of services, products, and bills. “Scan-and-pay” is nearly universal in large Chinese cities.
(courtesy of http://www.visualcapitalist.com/)
China is anticipated to exceed the U.S. in all digital transactions by 2020 and have mobile payments overtake all credit card based payments by 2019. Chinese shoppers are comfortable storing financial info on their smartphones and also more progressive in experimenting with alternative payment methods. China and the east continue to outpace the west in many areas and mobile wallets are evermore exploring peer-to-peer payment arrangements utilizing blockchain technology.
Peace @ClumsySilverDad
Read more at:
http://www.visualcapitalist.com/china-digital-wallets-payments/
and
http://www.scmp.com/tech/innovation/article/2114785/china-overtake-us-top-market-digital-payments-2020-report-says
