Mobile payments in China have surged to $9 trillion a year (US saw $112 billion in 2016), changing how people shop, borrow and even panhandle!
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The Cashless Society Has Arrived— Only It’s in China
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Though the U.S. saw $112 billion of mobile payments in 2016, by a Forrester Research estimate, such payments in China totaled $9 trillion, according to iResearch Consulting Group, a Chinese firm. For Alibaba and Tencent, the payoff isn’t just the transaction fees they make from merchants, typically 0.6%. It’s also the consumer data collected, which can transform their apps into marketing platforms for an expanding array of services, from bike sharing to travel.
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