Chinese Residents Go Cashless Due to Fintech

What you need to know: The Chinese are no longer paying their purchases in cash or credit card. They pay using their mobile phones. In fact, even street stalls provide QR codes for payment. With 710 million internet users, about 57.7% use mobile online payments. China is also home to the world’s four most important unicorns: Ant Financial, Lufax, JD Finance, and Qufenqui. In addition, 42% of all Bitcoin transactions are in China.

Why this is important: Asian markets are now targets of Chinese payment apps, particularly Japan and China. Fintech in China is booming and it is no surprise they will expand globally soon

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