Tag: People’s Bank of China

China sees a sharp increase in mobile payments

| May 29, 2014

New report highlights the growth of mobile transactions in CHina

A new report from the People’s Bank of China shows that mobile payments are growing at a rapid pace in China. Many people have become quite comfortable with the idea of purchasing products online using their mobile devices. A growing number of retailers are beginning to accept mobile payments in their physical stores as well, making it easier for mobile commerce to flourish. Mobile banking is becoming particularly popular among consumers who tend to manage much of their finances with the aid of a smartphone or tablet.

Some $500 million in mobile transactions occurred in 2013, up 255% over transactions recorded in 2012

According to the report from the People’s Bank of China, nearly $500 million has been sent through mobile devices throughout the country in 2013. This represents a 255% increase over the mobile transactions that were recorded by the bank in 2012. The report only takes into account transactions conducted through the country’s major banking entities, however, and the amount of mobile transactions that occurred last year may actually be higher.

Major planks play a dominant role in mobile commerce throughout China

China Mobile Payments GrowthMajor banks have established a very powerful position in China’s mobile commerce sector. These organizations currently provide the most popular mobile money services and have a massive consumer base to draw from. Smaller banking organizations have a limited presence in mobile commerce because of their fewer resources and their general inability to engage mobile consumers in an effective manner. Retailers tend to side with larger banks because they have a favorable track record and are more aggressive when it comes to matters concerning security.

Large e-commerce organizations are powering the growth of mobile payments within the country

E-commerce throughout the Asian-Pacific region is growing quite quickly, with China leading the way. The country is home to some of the largest companies in the global e-commerce scene, and these companies are becomming increasingly interested in mobile commerce. As these large companies begin to engage mobile consumers, China is expected to continue seeing a dramatic increase in mobile payments activity.

Apple teams with China UnionPay to launch new mobile payments service

| May 16, 2014

Apple and China UnionPay partner to boost mobile commerce

Apple has entered into a partnership with China UnionPay concerning a new mobile payments service. This may be a big move for Apple, who has been somewhat cautious with its participation in the mobile commerce field. Apple has been keen to avoid some of the pitfalls that its counterparts have fallen victim to with their own mobile commerce endeavors. In partnering with China UnionPay, Apple may be ready to break into the mobile payments space more aggressively.

New service to facilitate mobile payments at some 3 million locations throughout China

The new service will allow people throughout China to make payments from their iOS devices. Using the service, consumers can make payments at some 3 million “QuickPass” point-of-sale systems that are located throughout China. Apple and China UnionPay are also working together to develop a similar solution that will allow consumers to make mobile purchases in Apple’s physical retail stores operating in China.

Service made to comply with Chinese mobile commerce standards

mobile paymentsThe mobile payments service designed by the two companies complies with the standards issues by the People’s Bank of China. These standards are meant to regulate the growing mobile commerce sector throughout the country, adding stability and security for consumers and businesses alike. All mobile commerce services that are being launched in China are required to adhere to these standards but the standards themselves have been the subject of criticism among consumers and some of the country’s largest e-commerce organizations. The standards had initially placed a limit on how much money people could spend from their mobile devices, which would have significantly hindered the continued growth of mobile commerce throughout the country.

Apple is growing bolder with its mobile plans

Apple is growing more cavalier with its interests in the mobile payments space. The company has been eager to avoid the problems that currently exist in the mobile commerce market, taking time to develop solutions that circumvent these issues or solve them outright. Apple has been somewhat secretive with its plans concerning mobile commerce, but as these plans inch closer to fruition, the company may be growing bolder when it comes to mobile payments.