- Chinese tech giants Alibaba and Tencent are driving the adoption of mobile payments in the country, pushing aside banks for a growing role in everyday commerce, per The Wall Street Journal. China’s total mobile payments more than quadrupled to $9 trillion in 2016 from the prior year, iResearch Consulting Group estimated. That dwarfs the 40% growth to $112 billion spent in the U.S., as measured by Forrester Research.
- Not only do Alibaba and Tencent collect a slice of each mobile payment from merchants, usually 0.6%, they also glean vast amounts of consumer data that guide them in transforming their apps into marketing platforms for other services. Financial services companies are also offering loans, investments and other products through smartphones as well.[…]
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