Paying with a mobile phone has become so natural to the vast majority of the Chinese population in recent years that they can actually live without any paper money or a wallet, thanks to the country’s two most famous third-party digital payment apps—Ant Group’s Alipay and Tencent Holding’s Weixin Pay.
The prevalence of mobile payment for Chinese consumers was confirmed by a 2021 report based on a survey of over 50,000 respondents by the Payment & Clearing Association of China. In 2020, 74 percent of respondents used mobile payment daily. Among mobile payments, scanning QR codes was the most commonly used method, accounting for 95.2 percent, according to the report.
China has become a largely cashless
