WeChat Pay has become the main cashless payment method for daily small transactions in China.
Based on WeChat Pay data and an online survey, Ipsos observed user behaviour and consumer use cases of the ‘cashless lifestyle’.
Key findings from the report:
- 40% of people regularly carry less than 100 RMB (£11.60) in cash
- 74% of people said they can live with only 100 RMB in cash for more than a month
- Mobile payments have a higher adoption rate in Eastern and Northern China than other parts of the country
- 84% of people feel ‘calm’ if they don’t carry cash
- Fast food chains, convenience stores, cinemas and taxis are the most popular channels for mobile payment