Chinese mobile wallet app Alipay has 450 million users spend online or in stores during 2016, according to new data.
The app’s biggest group of spenders, the people of Shanghai, paid out an average US$20,400 last year, said the Alibaba spin-off company today.
Those Shanghai shoppers spent 1.5 times more than in 2015.
The average middle class wage in Shanghai is US$35,000, but this doesn’t account for undisclosed income such as from property rented out.
Alipay can be used on many of the nation’s top online shopping sites – including all Alibaba’s marketplaces – as well as at stores of all sizes, from Walmart to your local noodle shop. It’s also used for transferring money to family or friends, and features a number of financial services including a personal savings fund and small loans.
The app’s main rival is WeChat, which contains features for online and in-store cashless payments. Apple Pay is another contender.