China’s love for QR codes is no secret. From meals and groceries to rent and rides—quite literally everything can be paid for by scanning QR codes.

The all-pervasive QR code has redefined what it means to make purchases and sales in the country, and it is driving a mobile payment trend that is crippling the growth of traditional payment systems like ATMs and even POS (point of sale) terminals. Overseas, Chinese QR code payment service providers are looking to set off another wave of disruption in cash-based economies.

Today, China is the world’s largest and fastest-growing market for mobile payments. The transaction volume of third-party mobile payments reached RMB 40.36 trillion in the first quarter, ahead of the US and the rest of the world.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.