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. 

As the concept of “going cashless” heats up in Chinese society, the country’s two leading mobile payment giants, WeChat Pay and Alipay, have pushed out marketing campaigns to further promote their respective payment apps to be the top destination for Chinese consumers looking to settle their cashless deals.

On July 31, Alipay (under Alibaba Group) announced that it was naming the week beginning August 1 “Cashless Week”; on the same day, WeChat Pay (under Tencent Holdings) picked one day—August 8—and declared it “Cashless Day,” and also nicknamed the entire month “Cashless Month.”

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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...