China is Becoming the World Leader in Mobile Payment

More than half a billion people in China will be paying with their phones in brick-and-mortar shops, cafes and restaurants this year, according to an article from World Economic Forum. That equals a penetration rate of more than 35 percent, the highest in the world.

China’s booming payment apps market is dominated by big players Alipay and WeChat Pay which have been adopted widely by shopkeepers, restaurateurs and consumers alike. In a country where a lot of small enterprises cater to customers, the use of credit cards had never been widely adopted, creating a leapfrog effect where businesses moved directly from cash to payment apps.

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