Editor’s note: A version of this post by Yiling Pan first appeared on Jing Daily, the leading digital publication on luxury consumer trends in China. 

There is little doubt that China has taken a leading position in transitioning toward a cashless and digital society. Thanks to the swift development of mobile payment solutions such as Alipay and WeChat Pay over the past two to three years, digital transactions have been made seamless and convenient for Chinese consumers.

In 2016, Chinese consumers processed a total of $3 trillion in transactions through Alipay and WeChat Pay. The evident rise in popularity of mobile payments among the Chinese has already caused a high adoption rate of services by domestic retailers and merchants.

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Jing Daily

Jing Daily is the leading digital publication on luxury consumer trends in China. They publish up-to-the-minute news updates, reports on key trends, insights from leading industry figures, and in-depth...