China is moving to rein in its fast-growing and innovative online finance sector, which offers a glimpse of how the rest of the world may someday handle money but has seen a number of high-profile abuses. Chinese Internet companies have transformed the average smartphone into a platform for cashless transactions, bank transfers, loans and investments far beyond what is common in the U.S. With many skipping credit cards entirely, Chinese people buy money-market funds, split a restaurant check and pay for services ranging from taxis to takeout food all within the same phone app. Last year, nearly a quarter of China’s population—a number bigger than the total U.S. population—made payments online. Data provider Euromonitor International estimates that China’s mobile payments this year will total $213 billion, compared with $163.5 billion for the U.S. The biggest payment […]