After Alibaba declared the first week of August “Cashless Week” and WeChat answered by naming August 8th  “Cashless Day” and this entire month “Cashless Month,” a new research was published to illustrate how mobile payments are becoming a part of Chinese people’s everyday life.

The Tencent Research Institute along with Ipsos research group and the Chongyang Institute for Financial Studies at Renmin University of China (RDCY) have analyzed the penetration and trends of cashless payments in China. The research titled “2017 Mobile Payment Usage in China” published by China Tech Insights is based on WeChat Pay data and an online survey of 6,595 respondents. Here are some of their key insights.

Cash is so 2015, according to the Tencent Research Institute. Last year, Chinese consumers spent $5.5 trillion through mobile payment platforms, about 50 times more than their American counterparts.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.