Cash is quickly becoming obsolete in China.

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Mobile payments have become much more convenient. They have surged to $5 trillion in the mainland.

The electronic payment method has revolutionized commerce in China. Hundreds and thousands of small-scale shops including restaurants, grocery stores and tea houses, as well as wet markets, now accept them.

In major Chinese cities, paying by paper money is all but dead thanks to the convenience of mobile payment, which has now surged to US$5 trillion in the mainland. Globally, China takes a 42 per cent share of the world’s e-commerce transactions, processing 11 times more mobile payments than the United States, according to global consultancy McKinsey.

 

 Source: South China Morning Post (Business Insider)