Editor’s note: This originally appeared on China Tech Insights, an English research unit affiliated to Tencent’s Online Media Group.

China is going cashless, no doubt. Chinese consumers spent a total of $5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts (around $112 billion), according to data from Forrester Research and iResearch.

The credit of the country’s multi-trillion dollar mobile payment market goes to China’s third-party QR code-scanning mobile payment platforms, led by WeChat Pay, the payment solution built in WeChat, the most popular social app in China launched by Tencent, and Alipay by Alibaba’s finance affiliate Ant Financial. Statistics show that from 2013 to 2016, the number of transactions made through non-banking mobile apps increased from 3.8 billion to more than 97 billion, with a compound annual growth rate of over 195%, according to 2017 China Mobile Payment Usage Report.

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