China Fintech Supporting a Cashless Society

Chinese consumers are increasingly using mobile payment technology; currently 57.7% of the country’s internet users are using mobile payment services; the shift to mobile payments is being supported by the growth from fintech companies which has also helped to make China the world’s leading fintech hub; four of the world’s largest fintech unicorns, Ant Financial, Lufax, JD Finance and Qufenqi, all have their headquarters in China; Bitcoin is also popular in China, accounting for 42% of the digital currency’s transactions; statistics also show mobile payment services advancing ahead of traditional bank offerings with Alipay reporting more than 50% market share in mobile payments; while the country has seen exponential growth from fintech services, Chinese regulators are evolving fintech regulations which could require greater compliance requirements from fintech companies.  Source