Chinas m-payment market to exceed USD 131 bln

Friday 22 November 2013 08:01 CET | News

More Chinese consumers are making payments via mobile devices and the size of the market is expected to exceed 800 billion yuan ( USD 130.4 billion) this year, more than five times the volume in 2012, a recent report has revealed.

The report on online payment security, released by a research group headed by Ba Shusong, analyst with the Development Research Center of the State Council, described 2012 as the beginning of ‘a new era’ for mobile payments.

Also, the report revealed that last year, 535 million payments were made through mobile phones with the transfer volume at 2.31 trillion yuan (USD 0.38 trillion), a year-on-year increase of 116 % and 132 % respectively.

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Keywords: China, m-payment market, mobile payments adoption
Categories: Payments & Commerce
Countries: World
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