Internet and mobile payment services have spread like wildfire in China over the last two years, filling the gap which existed in the formerly cash-dominant society for the safe and secure transfer of money and electronic payments. China has only a very limited credit and debit card infrastructure, offering an opening for mobile payments unseen in most other major consumer economies.
China's internet payments have grown at a rate of above 5% per quarter since 2015, now totaling nearly 5.9 trillion yuan (US$885 billion) each quarter.
The online payment space is dominated by Alipay and UnionPay, the former of which is owned by e-commerce giant Alibaba, and the latter of which built China's POS card infrastructure before moving into online payments.
In addition to these t...
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