Tag: china mobile payments

Survey shows that China may be more accepting of mobile commerce than other countries

Mobile commerce has been growing more popular among the populace of China. Draftfcb China has released the results of its latest survey concerning mobile commerce and its appeal to consumers around the world. The survey was conducted in eight prominent markets, including Brazil, the U.S., and China. Notably, Chinese consumers seem to be more accepting of mobile commerce than those in other countries. This may be due to the growing availability of smartphones and tablets and the fact that young consumers have been heavily immersed in the world of mobile technology.

Chinese consumers are eager to embrace mobile payments

According to the survey some 57% of Chinese consumers claim that they are prepared to purchase products using their mobile device. The survey shows that, on average, approximately 49% of consumers are ready to embrace mobile commerce in any significant way. The survey shows that 67% of Chinese consumers that have participated in mobile commerce were satisfied with their experience. Another 77% claimed that mobile commerce was simply more convenient for their needs as opposed to making a purchase from a physical store.

Mobile Internet allows brands to reach new markets

Young consumers are cited as one of the major contributing factors to the growth of mobile commerce in China. This is not the only factor, however, as the growth of mobile technology has allowed brands to reach markets that had previously been unreachable. Mobile devices have taken the Internet to rural parts of China, where large brands are somewhat scarce. Through the Internet, these brands have been able to engage a new demographic of consumers, and much of the interaction between these consumers and brands comes in the form of mobile commerce.

Consumers show more interest in benefits of mobile commerce than risks

China is quickly establishing itself as a hub of activity in the mobile commerce field. The country is home to some of the largest online retail brands in the world and these companies have shown a strong interest in mobile commerce and the benefits that it offers. Consumers have also proven that they are ready to engage in mobile payments and have shown relatively little concern for the security concerns that have cropped up around mobile commerce.

UnionPay and China Mobile have come together and have now launched the latest system into the country.

According to the Xinhua News Agency in China, the latest reports from China Mobile and China UnionPay include the launch of a new mobile payments system that will be based on NFC technology.

This near field communication form of system has experienced significant struggles taking off in the West.

However, this latest system to enter the massive Chinese marketplace will be based on NFC technology for the transition of data from the smartphone of a consumer to a reader at the point of sale. Trusted Service Manager services for the management and provisioning of the system will be offered through a partnership in which both companies will cooperate.

This is considerable NFC technology news as UnionPay is the exclusive Chinese domestic bank card.

The NFC technology platform from UnionPay is the only domestic bank card that is available within the country. Furthermore, China Mobile is the biggest carrier in the country. At the moment, it boasts over 700 million subscribers.

A number of other Chinese banks will be taking part in this effort to introduce and broaden the use of NFC technology for mobile payments in the country. These participants include the Bank of China, China Minsheng, Everbright, CITIC, Shanghai Bank, GF, and Beijing Bank, according to the official news report.

The report also indicated that the NFC technology mobile payments system was ready for immediate launch and would be available right away in a number of cities across China. It indicated that the first cities in which this payment option would become available to smartphone consumers include Shanghai, Shenzhen, Beijing, Guangzhou, and Nanjing.

If this system is successful, this could be an extremely meaningful shot in the arm for NFC technology that has struggled to gain adoption in a number of other large markets, particularly in the West. There are a number of hurdles still standing in the way of the success of the transaction method, but the two companies in this partnership have remained confident that they will be able to overcome those challenges.