China's cashless transformation: Millennials, WeChat lead mobile payments boom
In many places in the world, if you leave your house without your wallet, you will find it difficult to pay for your food, transportation or other necessities of life. However, in China, especially more developed cities such as Beijing or Shanghai, your smartphone can ensure survival without a wallet. The combination of high mobile penetration, feverish development of eCommerce and unfixed consumer payment behavior has powered China into a more advanced state of cashless mobile life.
In 2015, third-party mobile payment transactions in China reached RMB10...