30 Jan '16, 9pm

Mobile payments soar in China

When paying for a restaurant meal or buying a cinema ticket, the first thing Beijing native Cao Siyuan reaches for is often her phone - not her purse. She does the same when paying for taxis or when she goes shopping. "I don't carry that much cash with me any more as I can easily make many payments through apps on my smartphone. It's much more convenient and there are often discounts thrown in too," the graphic designer told The Sunday Times. Chinese consumers like her are rapidly giving up cash in favour of payments via smartphone, powering dramatic growth in the sector and lifting it to a new high last year. Transaction volumes through third-party mobile payment platforms skyrocketed 66 per cent to 2.3 trillion yuan (S$498 billion) in the second quarter of last year, according to a report by iResearch. In 2014, transactions soared to six trillion yuan, almost five times ...

Full article: http://www.straitstimes.com/asia/mobile-payments-soar-in-...

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