Chinese mobile payments gain momentum
Mobile payments in China are set for explosive growth over the next few years. A new report from the Internet Society of China shows that consumers are becoming more involved in mobile commerce, showing favor for shopping online with their mobile devices. These devices represent convenient access to goods that consumers are interested in and provide them with the ability to purchase these products wherever they are and at any time.
Consumers show strong interest in mobile commerce
The report predicts that Chinese mobile payments will surpass $1.45 trillion by 2015. The strong growth is partly due to the proliferation of smartphones and tablets. These devices have become an integral part of the lives of many Chinese consumers and are used regularly for business and entertainment. As mobile devices began to play a bigger role in society, businesses began taking note and retailers took steps to embrace mobile consumers and cater to their needs.
Addressing security concerns draws in more consumers
In 2012, online transactions in China grew by 66%. The report shows that consumers have been showing more interest in mobile payments because of the level of support this kind of commerce has been receiving from retailers and financial service firms. These organizations have been paying strong attention to the security concerns that consumers have in regards to mobile commerce. Better security features means that consumers are more comfortable with participating in mobile commerce.
China may serve as a powerful example on the mobile payments front
Mobile payments in China are expected to continue growing for the foreseeable future. Mobile commerce services are becoming more capable of handling the needs of consumers, making these services more attractive to consumers overall. China is quickly establishing itself as a leader in the mobile payments front, showing that this sector is more than just a passing fad for consumers and retailers. For the time being, mobile payments have become an ideal way for businesses to adapt to a new generation of tech-savvy consumers.
Chinese mobile games may soon find their way to foreign markets
Chinese game developers may soon flood into overseas markets, using mobile games to reach a vast multitude of new consumers. Several of the country’s prominent game developers have announced plans to make a push into foreign markets, hoping to engage consumers that are interested in mobile games. Many of these consumers have become enthralled with the simplistic, yet addictive nature of these games, and Chinese developers are well versed in making such games. Some developers believe that they could find strong success in foreign markets in the short-term while also enjoying the success they have fostered in their home country.
Domestic game industry boasts of $3 billion in revenue
China’s game industry reached more than $3 billion in revenue at the end of June this year. The industry is experiencing a 36% year-on-year growth in revenue, driven heavily by consumers that have shown strong interest in mobile games. This interest in not exclusive to Chinese consumers, of course, and those with smartphones and tablets in other countries have also become enthralled by mobile games. Some Chinese games are already available outside of the country and have pulled in more than $300 million in revenue.
Developer has plans to acquire foreign studios
Shanda Games, a prominent developer and game publisher in China, has plans to launch two new funds that are meant to invest in the acquisition of mobile game studios within China as well as overseas. The company will release a total of 30 mobile games by the end of this year and plans to carry this momentum into 2014 with new studios that are located outside of China. WeChat, a popular social networking and gaming platform in China, is also expected to find its way overseas in the coming years.
Developers may face challenges in foreign markets
While Chinese companies have high hopes for mobile games in foreign markets, the game industry is notoriously fickle when it comes to such titles. Consumers had once shown a great deal of favor for the games produced by U.S. developer Zynga. After a few missteps, the company is now struggling to find some solid footing in a market that is extremely critical on any degree of failure.
