Today in Data: Cashless Week in China

Online sales have no doubt pushed today’s society into using less cash than previous generations.

As we reported last week, 62 percent of American adults believe there’s a good possibility of the country going cashless.

With Cashless Week in China approaching, our own Karen Webster sat down with Alipay President Souheil Badran to learn more about how the company is moving the needle on cashless payments and how China is leading the way.

Here are the numbers:

54 percent | Alipay’s market share in third-party online payments

90 percent | Amount of local businesses across retail, transportation, public services and utilities becoming more digital payment accessible

40 million | Chinese users who’ve signed up for Cashless Week in China

$5.5 trillion | Total smartphone payments China made in 2016

63 percent | Amount of Chinese consumers who prefer digital to in-store payments