…Payments = Friction Declining... China Mobile Payment Users 600MM na Chi , s r e400MM Us nt me y a P e 200MM Mobil 0 2012 2013 2014 2015 2016 2017 Source: China Internet Network Information Center (CNNIC). Note: User defined as active user of mobile- passed payment technology for everyday transactions, as well as more complex transactions, such as bill 19 paying in the relevant period. Includes all forms of transactions on mobile (e.g., QR codes, P2P, etc.)