"China's mobile payment transactions have hit a record US$41.5 trillion, a 14x increase in the past five years. Many users have adopted digital payments as their primary financial tool, skipping plastic/paper money altogether. This is similar to the adoption of mobile phones as a primary medium for internet consumption, skipping PC's and desktops. Alipay and WeChat dominate the space with both capturing 90% of the expenditure." – Tarun Pathak