More than three-quarters (76.3%) of smartphone users (461.4 million) in China will use phone payment for goods and services at the point of sale (POS) in 2017 according to eMarketer, raising its projections by more than 86.0%.
eMarketer estimates by 2021, 79.3% of smartphone users will be tapping, scanning and swiping at the POS, comparing with 31% in the US.
Chinese consumers spent US$5.5 trillion via mobile payment platforms in 2016, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw its active mobile payment accounts exceed 600 million users per month.
The average payment transactions also exceed 600 million transactions per day. The cashless lifestyle is now becoming a reality in China. REPORT Mobile Payment Usage in China 2017 »