According to the company, more than 800 million mobile users are on Tencent, a figure which has rapidly grown as the internet service giant taps into its WeChat messaging app user base.
Many businesses are now accepting Tencent’s WeChat Pay as a mode of payment, enabling people to pay for goods and services without using cash or a wallet.
In China, smartphones are now used to pay for everyday items such as fruit and vegetables, as well as paying for taxi rides, restaurant meals and haircuts, among other things.
This transformation has been markedly noticeable since the second half of 2016, with Tencent being hailed as a catalyst in this shift.
Since the launch of WeChat Pay in 2014, users have been able to use Tencent placed 2D bar codes compatible with the smartphone pay service at the registers of an array of businesses.
Tencent is looking to expand services to the public sector.