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Payments News » Mobile Banking Brings Sea Change in China’s Financial System

“Farmers and microbusinesses that previously had trouble getting loans from conventional banks are reaching out to Alibaba and Tencent for help. Both companies make their lending decisions by processing vast amounts of information using artificial intelligence from mobile payments worth nearly $25 trillion per year. Both companies control more than 90% of the market for smartphone-based payments which totaled more than 170 trillion yuan ($25 trillion) in 2018.”

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