False. China has a cash propensity of 35%, the USA is at 11%. Those numbers are for 2018. China still falls behind all developed economies in the Asian region for non-cash transactions.
https://s3.amazonaws.com/fetch_production/assets/524432/The%...
https://s3.amazonaws.com/fetch_production/assets/524432/The%...
World Payments Report 2018 https://worldpaymentsreport.com/wp-content/uploads/sites/5/2...
China ranks the third of non-cash transactions organization after Eurozone and USA, and with its rate of growing, China will become the #1 in 2021, aka 3 years later.
Actually, in 2016, WeChat alone has already reached 500M transition/day[1].
As for cash propensity, it has nothing to do with non-cash transactions. Chinese ppl just love keeping lots of money in their bank accounts.