Why Mobile Payments Have Dethroned Cash as King in China
Cash is no longer king in China (MCHI), as transactions are increasingly being made through mobile-payment platforms like Tencent’s (TCEHY) WeChat and Alibaba’s (BABA) Alipay. According to Forrester Research, $112.0 billion in transactions in the US were made through mobile payments in 2016. According to iResearch, China saw a whopping $9.0 trillion in mobile payments in 2016.