Mobile payments market in China is expected to witness three-fold growth by 2023

Chinese Mobile Payments Services Market, Forecast to 2023 suggests that low credit card usage and the popularity of ecommerce coupled with a growing middle class in China have accelerated the growth of mobile payments in the country. China has also seen an increase in cross-border payment transactions, primarily due to growth in sectors such as ecommerce, travel, and overseas education.

The market of mobile payments services in China is expected to grow at a compound annual growth rate (CAGR) of 21.8% from 2017 to 2023, growing three-fold from USD 29.93 trillion to USD 96.73 trillion. The total number of active mobile payment customers is expected to reach 956 million by 2023 from 562 million in 2017.

In addition, Frost & Sullivan predicts that China will continue to be a major player in the global mobile payment services market, and service providers in the country will continue to focus on improving security on mobile payment platforms.