China has been a trailblazer in the “cashless” movement. This year, mobile payment users in China will represent 61.0% of the 947.1 million proximity mobile payment users worldwide, we estimate. Other countries, especially India, will begin to add to this user base. Throughout our forecast period, China’s share of global proximity mobile payment users will remain dominant, though it will fall to 54.6% in 2023.

“The country’s steady march toward a cashless society is enabled by Alibaba’s Alipay and Tencent’s WeChat Pay,” said Man-Chung Cheung, eMarketer research analyst and author of our recent “China Mobile Payment Users 2019” report. “These two leading payment systems have introduced QR code-backed payments into the daily habits of consumers.”

Sourced through Scoop.it from: www.emarketer.com