By Martin Gøttske
Only a few years ago everyone was still using cash in China. But now almost everyone in major Chinese cities is using a smartphone to pay for just about everything.
The country is about to build its entire consumer economy around two private smartphone payment platforms, WeChat and Alipay.
In 2016, China’s mobile payments hit 5.5 trillion USD, roughly 50 times the size of America’s 112 billion USD market.
New York Times: