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Smartphones replacing wallets in China

Shanghai -- Mobile payment is flourishing in China.

A Chinese woman in Shanghai uses her smartphone in place of a wallet.

     It is not limited to online shopping either. People are using their smartphones or other mobile devices to do everything from paying taxi fares to exchanging money with friends. The number of people using such mobile settlement options was more than 200 million in 2014. The value of such transactions totaled some $1 trillion, according to one survey.

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