👀 News from China 🇨🇳 Mobile Wallets Dominate the Payments Sector

👀 News from China 🇨🇳 Mobile Wallets Dominate the Payments Sector

According to analysts at the research portal "GlobalData," 84% of users in China prefer using mobile wallets.

➡️ The main reasons for this trend, according to the study authors, include the mature digital infrastructure, the increasing popularity of QR code payments, and the preference for local brands such as Alipay and WeChat Pay.

➡️ The expansion of the mobile wallet market is also driven by the regulator's efforts to adopt and use the e-CNY, the digital currency of the Central Bank of China. A unified QR code specifically for payments in digital yuan is currently under development.

➡️ Key insight: Asian markets lead the adoption of mobile wallets. 8 out of the 10 largest markets with high penetration of this payment format are in Asia.

#news #China #Asia

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