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Why Mobile Payments Have Dethroned Cash as King in China

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.