Mobile payments adoption has intensified in China with an inherent transaction value expected to reach EUR 1.16 billion in 2010,accounting for a  308 percent increase, China Securities Journal reports,  citing iResearch.com.cn.

According to the data provided by iResearch, the mobile payments sector in China has seen a 202 percent year-on-year increase in transaction value, accounting for EUR 286 million in 2009. Moreover, continual growth is expected in both 2011 (EUR 5 billion) and 2012 (EUR 13.8 billion).

The same research has shown that the main reasons behind the increasing adoption of mobile payments are the development of the 3G network and services, promotions made by telecoms operators, banks and third party payment platforms. The third party payment platforms include payments made through mobile phones, fixed line phones and the internet.