Social network payments now touch US$3 trillion (£2 trillion) in China

A new UN study reveals that Alipay and WeChat Pay enabled US$2.9 trillion (£2.26 trillion) in Chinese digital payments in 2016, representing a 20-fold increase in the past four years. The data shows that digital payments, using existing platforms and networks, provide access to a wider range of digital financial services, expanding financial inclusion and economic opportunity throughout China and neighbouring countries.

The new report by the UN-based Better Than Cash Alliance, Social Networks, E-Commerce Platforms and the Growth of Digital Payment Ecosystems in China – What It Means for Other Countries, contains key lessons to help other countries include more people in the economy by transitioning from cash to digital payments.

This shift could increase GDP across developing economies by 6 per cent by 2025, adding US$3.7 trillion (£2.89 trillion) and 95 million jobs, according to a McKinsey Global Institute report.