The BAT of China – Baidu, Alibaba and Tencent - shaped China's first wave of digital transformation. Covid-19 has further catalysed the growth in digital payments in China.
Due to the zero-Covid policy, digitalisation has reached new heights post-2022. Digital payments have surged in China due to digital transformation in many industries, such as digital health and digital entertainment and is expected to grow at an average annual rate of 16.3% from 2022 to 2027, the forefront of the world digital payment market.
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