Cashless Society, How China Become Mobile-First Country, World Largest Mobile Economy

China is leading the cashless revolution. They are trying to reveal what a cashless society means for the world moving forward.

Paying through mobile phones has become second nature for the majority of Chinese. By the end of 2021, around 903.6 million people utilized mobile payments in China, which equals roughly 64% of the overall population. In China’s largest cities, residents pay on average 80% of their monthly expenditures (roughly 5,000 Yuan) through mobile payment services, while in fourth- and fifth- tier city residents use these means for 90% (3,000 Yuan) of their monthly expenditures, according to a 2021 China UnionPay report.

By the end of 2022, the cumulated digital payment value in China is set to reach 3.5 trillion USD, making the country a clear global leader for digital payments, followed by the United States with 1.8 trillion USD.

00:00 - Intro
01:32 - COVID-19 Boosted Online and Mobile Payments in China
03:40 - The History Of Mobile Payment in China
04:28 - How Does Mobile Payment Work in China?

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