One photo shows that China is already in a cashless future
Paying with your phone isn't a novelty in China these days. Paying with cash is. Over the last 15 years, mobile payments in China have grown into a $16 trillion market dominated by China's two biggest tech giants — Tencent and Alibaba. Mobile payments totaled $9 trillion in 2016, according to iResearch Consulting Group. Meanwhile, the US saw $112 billion in mobile payments in 2016, according to a Forrester Research estimate.