This Day, That Year

Item from May 8, 1992, in China Daily: More people in Chongqing are using credit cards. Since 1990, the Bank of Industry and Commerce has issued 19,000 cards in the city, which can be used at shops, hotels, railway stations and airports.

Mobile payment has become a part of everyday life in China. You can go out without cash or bank cards, but not your cellphone.

Last year, the number of internet users in China reached 731 million, and 469 million of them were making payments via mobile devices.

Last year, digital payment giants — Alipay and WeChat Pay — enabled online transactions worth $2.9 trillion, representing a 20-fold growth in the past four years, according to the Better than Cash Alliance, a global partnership working to accelerate the transition from cash to digital payments.

With 450 million active users in the country, Alipay has been pushing forward with plans to expand in Europe.

Last year, a partnership was signed with Ingenico Group, which will enable Chinese consumers abroad to use the app to make payments in stores.

In 2015, WeChat Pay announced plans to make its system fully accessible to overseas retailers. Dozens of foreign businesses, including Australia’s RoyalPay, have since joined, covering more than 20 countries.