China's mobile payments were 58.8 trillion yuan in 2016.

Xinhua News reported that consumers in China's third-party mobile payment market spent a total of $3.46 trillion (23 trillion yuan) in mobile transactions during the second quarter of 2017 alone. This represents a 22.5% increase from the first quarter of this year.

In 2017, Alibaba and Tencent have 92.8% of the mobile payment market: 53.7% of China's mobile payment service customers use Alibaba's Alipay, and 39.1% use Tencent Finance.

China is leapfrogging over credit card usage. The centralized and vertically integrated Alibaba and Tencent have enabled the rapid expansion of mobile payments in China.