Mobile Payments: Comparison of Two Powerhouses of the World

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China and the USA are the largest economies of the world, and one of the most important criteria for being a large economy is having an evolved financial infrastructure. A well-advanced financial infrastructure has helped in the financial inclusion of both countries which have in-turn helped in the growth of the economies. The financial infrastructure of both the countries have been heavily dependent on the advanced technologies to provide convenience to the user so far, but in the next stage, the increase of financial activity features on mobiles would determine the next wave of convenience for the users. In the chart below, we have compared the mobile transaction value to the total cashless transaction value in the respective countries. Source: BIS, People‚Äôs Bank of China, and Forrester Research. It can be noted that China has mobile payments accounted for approximately 6.1% of cashless transactions in 2018 and this is majorly…

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