27 February 2017
visit nextgenbanking.co.uk

China m-payments market set to be largest in world by 2015

25 April 2012  |  8232 views  |  0 Chinese flag

China's mobile payments market is forecast to be the largest in the world by 2015, comprising $80 billion in payments from 441 million active users, according to figures from research house Kapronasia.

The Chinese mobile payment market was estimated to be worth $7.6 billion at end 2011, rising to $84 billion by the end of 2015 - roughly doubling in size every year.

Research by KPMG in 2010 found China leading the world in the uptake of mobile finance, with 77% of consumers using their phones to conduct financial transactions

China has already surpassed the US as the biggest smart mobile phone market worldwide. But with less than 10% of the country's total 900 million mobile phone subscribers using smartphones, there remains tremendous scale for growth in terms of more advanced phones and services, says Kapronasia.

Growth in m-commerce is expected to accelerate further next year, as the Chinese authorities finalise new standards and regulations covering the mobile payments market.

"2012 will prove to be a crucial year for the mobile payments industry as Chinese authorities establish final technology standards," says Zennon Kapron, managing director of Kapronasia. "Firms must continue to push for innovation in both technology and business models in order to stay competitive in this rapidly growing market."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Amex licenses Serve to China's Lianlian

Amex licenses Serve to China's Lianlian

18 January 2012  |  7380 views  |  0 comments
Amex partners China's Tencent on e-payments

Amex partners China's Tencent on e-payments

28 September 2011  |  6298 views  |  0 comments
HTC and China UnionPay team on NFC handset

HTC and China UnionPay team on NFC handset

15 August 2011  |  7717 views  |  0 comments
China UnionPay overtakes Visa as world's biggest card scheme

China UnionPay overtakes Visa as world's biggest card scheme

12 August 2011  |  25629 views  |  0 comments
China drives global mobile money adoption

China drives global mobile money adoption

12 May 2011  |  7589 views  |  0 comments
China set to become m-payments mega-market - Celent

China set to become m-payments mega-market - Celent

12 November 2010  |  9338 views  |  0 comments
China leads while US lags in mobile banking uptake

China leads while US lags in mobile banking uptake

23 July 2010  |  12822 views  |  0 comments
Visa tussles with China UnionPay

Visa tussles with China UnionPay

03 June 2010  |  9404 views  |  0 comments
Chinese players form m-payments alliance

Chinese players form m-payments alliance

13 May 2010  |  9643 views  |  0 comments
China overtakes Japan as world's second largest ATM market

China overtakes Japan as world's second largest ATM market

23 March 2010  |  10521 views  |  0 comments
PayPal targets Asia Pacific with new staff and China Unionpay tie-up

PayPal targets Asia Pacific with new staff and China Unionpay tie-up

17 March 2010  |  10040 views  |  0 comments
China Mobile eyes m-payments with bank stake

China Mobile eyes m-payments with bank stake

04 March 2010  |  9139 views  |  0 comments
China emerges as a growth market for non-cash payments

China emerges as a growth market for non-cash payments

09 September 2009  |  8163 views  |  0 comments
China bans use of virtual cash for trade in the wider economy

China bans use of virtual cash for trade in the wider economy

30 June 2009  |  7493 views  |  0 comments

Related blogs

Create a blog about this story (membership required)

Who is commenting?

A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13326 views comments | 52 tweets | 74 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8758 views comments | 40 tweets | 34 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7461 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7234 views 1 | 18 tweets | 7 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
7086 views comments | 19 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job