Chinese and US consumers moving away from cash

Millennials in China and the US are rapidly embracing new financial technologies and leaving cash behind, according to a new study from J Walter Thompson.

From the agency’s Innovation Group, ‘The Future of Money’ surveyed 1,000 consumers in each country. Findings include that 77% of Chinese consumers said they are interested in alternative banking and payments, while 61% of Chinese millennials would use internet-of-things devices to access banking services, versus 36% in the US.

Illustrating how China is leading the way in this area, Chinese consumers are also twice as likely as their US counterparts to have tried new payment systems, and are twice as likely to know about blockchain.

Click to enlarge the snapshots below: