Mobile payments in China Forecast to Top US$114bn by 2015
Growth in the internet and mobile payment markets in China is expected to accelerate, with market research firm Analysys International recently predicting that by 2015, mobile payments in the People’s Republic will top CNY712.3bn, or around US$114bn.
The research firm also expects the number of registered internet payment accounts to reach 1.378bn by 2015.
In other news, by 2015, third-party internet payments will reach CNY13.92 trillion ($2.24 trillion), according to a report in ‘China Tech’ News.
Following implementation of a license structure in 2012, third-party payment companies began to increase their market presence. Additionally, more traditional enterprises are beginning to embrace electronic commerce (e-commerce), stepping up the need for third-party payments providers.
Likewise, mobile payments standards were established, said the China Tech report, which made it possible for financial institutions (FIs) to enter the mobile market, where they are quickly cultivating a mobile payments-using public.