The transaction volume of Chinese mobile payments reached 10 trillion20 Chinese yuan (US$1.45 trillion) in 201521, and they reached 112 trillion yuan (US$17 trillion) in 2017. In comparison, the equivalent figure for mobile payments in the United States stood at a meagre US$8.71 billion in 201522 and US$120 billion in 2017, less than 0.1 percent of China’s traction.
