More than three-quarters (76.3%) of smartphone users in China will use a phone to pay for goods and services at the point of sale (POS) in 2017, latest forecast shows.
According to eMarketer’s latest proximity mobile payment forecast, China is moving toward a cashless society as the benefits of using mobile phones to pay offline becomes ubiquitous in cities and spreads to rural areas.
eMarketer has raised its projections by more than 86.0% for 2017, and now expects 461.4 million people in the country to use a phone to pay at the PoS.
By 2021, 79.3% of smartphone users will be tapping, scanning and swiping at the POS. By comparison, the US will have 31.0% of users doing so, and that figure will be 23.0% in Germany.