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Cash is already pretty much dead in China as the country lives the future with mobile pay - TL;DR CNBC

Cash is already pretty much dead in China as the country lives the future with mobile pay

Publishing timestamp: 2017-10-09 00:49:57


Summary

Mobile pay apps like WeChat Pay and Alipay are dominating daily commerce in mainland China, with mobile payment volume more than doubling to $5 trillion in 2016. The rapid growth of mobile pay is changing society and affecting other countries, with Chinese tourists pressuring popular destinations to add mobile pay services. The dominance of mobile transactions also means companies like Ant Financial and Tencent have access to vast amounts of personal data.


Sentiment: MIXED

Tickers: MCD700-HKBABA

Keywords: visa incchinastock marketsbusiness newsmcdonald's corpapple incalibaba group holding ltdtechnologymarket insidermarketsworld economytencent holdings ltd

Source: https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html


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