China Smartphone-Based Payment Solutions = High Engagement Estimated Monthly Payment Transactions per User WeChat Payment USA Debit Card AliPay USA Credit Card 0 10 20 30 40 50 60 Source: US debit and credit card data defined as number of payments (including online and offline) a month per active general-purpose card. Active cards are those used to make at least KPCB INTERNET TRENDS 2016 | PAGE one purchase or bill payment in a month. Data per 2013 Federal Reserve Payments Study. AliPay / WeChat Pay stats per Hillhouse estimates. WeChat data includes peer-to-peer Hillhouse Capital payments such as virtual Red Envelopes. 175