China Goes Cashless With Consumers Spending $5.5 Trillion Via Mobile Payments, 50 Times More Than Americans

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Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw both its active mobile payment accounts and average daily payment transactions exceed 600 million, according to a new report released by Tencent Research Institute, The Chongyang Institute for Financial Studies at Renmin University of China, and research firm Ipsos.

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