Disruption is rewriting the rules of the global economy, with many players scrambling to catch up.
The transition has led to some dramatic changes. In China, nearly 800 million people were connected to the Internet as of the end of 2017, more than double the number a decade prior, according to the China Internet Network Information Center. Of those users, 70% have made a mobile payment and 67% have shopped via a mobile device. China’s enthusiasm for the digital economy – and sheer scale – helps it to stand out, but the digital-first mentality is spreading globally. Companies, in turn, are having to rethink their relationship with customers and invest in digital applications – or risk losing market share.
People using mobile payments in China vs. the US, 2019
Source: eMarketer, data are estimates as at October 2018.