Chinese mobile payments dwarf those in US

Chinese mobile payments were nearly 50 times greater than those in the US last year, market data show, highlighting Chinese internet companies’ strong position in a market segment viewed as a gateway to the fintech ecosystem.  The value of Chinese third-party mobile payments more than tripled to Rmb38tn ($5.5tn) in 2016. In the US, mobile payments rose 39%  to $112bn. According to the Financial Times, more than half of all mutual funds in China are now sold online, up from only 5% in 2012. Last year was also a turning point for the use of online payments at physical retailers, including supermarkets, restaurants and clothing shops. Starbucks announced in January that it would begin accepting WeChat Pay – the payments service linked to Tencent’s ubiquitous mobile messaging app – at its China stores.