How developed is China's mobile payment?

According to data released by the People's Bank of China, China's mobile payment penetration rate has reached 86%, ranking first in the world. Payment is an important part of economic activities. The "world's first" of mobile payment is not only the result of the development of the financial industry, but also a symbol of the country's scientific and technological strength and economic vitality.

Mobile payment has changed people's living habits and ways, eliminated counterfeit money, and reduced the tediousness of cashiering, so it is deeply loved by people.

From the second-hand market in urban communities to the rural fairs in large towns, small shops, small vendors, and small drivers can use mobile payment to collect payments by showing a piece of paper with a QR code for payment, which is very low cost and very convenient.

Digital mobile payment is inseparable from mobile APPs. The contributions of WeChat and Alipay, two super mobile applications, are beyond words. Tencent and Alibaba used Didi and Kuai's two products to popularize mobile payment to urban white-collar workers in the form of taxi subsidies; Alibaba used the 50% discount during the shopping festival to attract middle-aged and elderly people to use it; and WeChat red envelopes popularized WeChat payment to all members of the society.