Non-cash and mobile pay

Mobile payment is very common and increasingly a popularity in China. Nowadays 26% consumers take cash  with one less than 100RMB. Other 14% barely take no cash at all. Therefore it is about 40% consumer have no cash with them. And even 74% said they can live up to a month with only 100RMB.

Chinese third party payment clearing association data shows that from 2013 to 2016, non-bank institution payment business process up to 97 billion transactions, of which the compound growth rate is over 195%.

Wechat is the main payment method in Chinese daily small transaction processing. As of the first quarter of 2017, Wechat (including international market) has 0.938 billion monthly active users, year-on-year growth reached 23%.   Fast food chain, convenient store and taxi are the main places for mobile payment.

From age point: the generation after 60s take daily cash about 557rmb, the post-70s take 479rmb, post-80s is 328rmb, while post-90s is only 172rmb.

From gender review: Female daily take cash 257rmb, while male take 320rmb.

There are 52% consumers said their cash spending account merely less than 20%; 84% people feel easiness even if they have no cash with them.

From regional review: Compare to other parts of China, East China and North China mobile payment has the most popularity.

Some giant payment processor ever come up with the saying: non-cash society. However the word non-cash is more of a publicizing concept, because it has better secondary transmission effect compared to mobile pay and offline pay.

Cash demand has objective and substantial foundation, impossible to be eliminated.  Big amount payment is not convenient but for small amount transaction, cash has irreplaceable advantage, of which the most superiority is high flexibility and suitability for almost every scene.

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