Home to the world's largest population, biggest ecommerce market, and fastest-growing economy, China is a global pacesetter for mobile payment adoption. China boasts the highest mobile payment usage of any market worldwide with 92% of consumers using QR-code-driven digital wallets Alipay and WeChat Pay as their primary payment method.
While mobile payments have reached ubiquity, cards are slightly less popular, with the propensity for QR-code-based digital payments overshadowing the need for widespread point-of-sale solutions.
Chinese shoppers account for nearly a third of global luxury purchases. And, by 2025, Chinese tourists are expected to spend over US$255 billion abroad, almost double that of the U.S.