Reportedly 707% rise in Chinese m-payment services

Tuesday 4 February 2014 08:05 CET | News

The total transaction volume by independent mobile payments services from China increased by 707%, rising to USD 201.2 Billion in 2013, recent findings indicate.

According to data from data analysis and online tracking firm iResearch, credit card payoffs, online money transfers and other mobile payment applications are the major growth drivers. Mobile shopping does not take pole position anymore according to the report. In 2013, 93.1% of payments were made through mobile payment apps or alternative services.

The analysis also revealed that there was a large decrease in payments through text messages in the last three years. The figure fell from 92.5% in 2010 to 6.1% in 2013.

Finally, the analysis revealed that NFC’s share in payments fell from 2.6% in 2012 to 0.8%. It is estimated however, that with the adoption of near field payment solutions such as Alipay On-Site, with QR Code and acoustic payment capability will drive NFC payments in 2014.

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Keywords: 707% rise, Chinese m-payment, China, mobile payment, m-payment services, NFC
Categories: Payments & Commerce
Countries: World
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