 23-Apr-18, Smartpay 

For anyone who has visited China since 2016, the prevalence of mobile payments is likely to have stunned them. Chinese consumers now spend 90 times more on their smartphones than Americans according to Forrester Research.

Image: Smartpay

Everything from restaurants, to clothes, to hotels, to borrowing a bike is paid for with the simple scan of a QR code in a payment app.

A year ago, mobile payments accounted for 45% of purchases in McDonalds’ 2,400 China restaurants, and usage has soared since. There are vendors who no longer accept cash and cards.

As recently as 2010, China was predominantly a cash-based society. Credit card companies worked hard to change this by providing countless incentives to lure consumers onto plastic, yet just 15-20% have ever signed up. 

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 Financial Services insights