China’s $3trn Mobile Payment Market Soars As Europe Watches On

A United Nations (UN) report has praised regulators in China for their “wait and see” approach to its multi-trillion dollar mobile payments market, although experts are dubious about policymakers’ attempts to replicate that success in Europe.

The report by the Better Than Cash Alliance, a partnership of governments and businesses under the umbrella of the UN, estimated that e-commerce giant Alipay’s transaction values totalled RMB11.5trn ($1.7trn) last year.

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