Mobile payments penetration is highest in China, according to a recent survey by global market and opinion research specialist Ipsos. According to the survey, 77% of Chinese use mobile payment services.
In addition, 14% of Chinese consumers said they will not take cash, and 26% of them said they only take cash if it is less than 100 RMB ($15.33).
The survey covered a total of 18,000 consumers. India is the second largest market for mobile payments followed by China, and 76% of Indians use mobile payment services while shopping.
Japan has the lowest penetration rate at 27%. The rate is not very high in developed countries, such as the United States and Germany.
Non-bank payment organizations handled a total of 97 billion mobile payment transactions from 2013 to 2016, with a compound annual growth rate of over 195 percent, according to China Payment and Clearing Association.
By the end of the first quarter of 2017, major mobile payment service provider WeChat Pay has gained over 938 million monthly active users.
Fast food franchises, convenience stores, cinemas, and taxis have the highest mobile payment activity.
(People's Daily Online, September 7, 2017)