economy
In China, hundreds of millions of people pay for nearly everything — from street food to utility bills — by scanning QR codes inside just one or two phone apps.
Alipay and WeChat Pay dominate China's mobile-payment scene, together handling the vast majority of everyday transactions from street food stalls to utility bills, largely by turning smartphones into universal wallets through simple QR-code scanning built directly into hugely popular apps.
PayPal and Venmo are widely used in Western markets, particularly the United States, but they are not the dominant mobile-payment apps inside China. Google Pay and Apple Pay likewise see far less everyday use in China than the two homegrown platforms that built an entire cashless ecosystem there first.
China's QR-code-based mobile payment system let the country effectively leapfrog the plastic credit-card era that dominated payments in the West, moving almost directly from cash to phone-based payments and becoming one of the most cashless major economies in the world.
economy
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