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  "documentTitle": "2017 Bond Cap Internet Trends 2017",
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  "notes": "The chart highlights the cost advantage of Chinese mobile payment systems compared to traditional card networks and PayPal.",
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      "text": "Source: Hillhouse estimates based on published rate schedule, JPMorgan Research estimates and transaction take rate for PayPal in 2016. *Cash payment there is no merchant discount rate, ~40bps of marginal cost of processing cash payment is an estimate per European Commission study in 2014. USA debit and credit card merchant discount rate is an estimated offline average, online (card-not-present) merchant discount rate is higher.",
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