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Follow on Google News | Chinese consumers prefer mobile devices for online transactionsAs 44 million Internet users are added each year in China, cash transactions might become obsolete. Consumers are increasingly using third party mobile payment apps for online transactions
By: Spire Research and Consulting A majority of e-commerce purchases in China are now made using mobile devices. Last year, 527 million transactions took place using online payment platforms accessed via smartphones. Perera observed that the m-commerce market is an indicator of China's rising consumption as well as the surge in smartphone penetration. The growth potential is immense, especially in third and fourth tier cities where consumer credit is rising. Internet giants in China such as Tencent and Alibaba still dominate the m-commerce market. Consumers now prefer Point-of-Sale mobile payments as a safer and more convenient option than cash, with service providers like Alipay, Pay and WeChat offering incentives to both merchants and users. The trend is catching on in rural areas as well. The Chinese economy is becoming increasing consumption- https://www.spireresearch.com/ End
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