Tag: chinese mobile payments

People’s Bank of China may revise caps placed on mobile payments

| March 27, 2014

Regulations spark backlash from businesses and consumers interested in mobile commerce

The People’s Bank of China has announced that it is considering revising the caps it has placed on mobile payments. This comes as response to backlash from consumers and Internet firms alike, claiming that the caps placed on mobile payments were unnecessary and inappropriate. The caps were introduced as part of new regulations proposed by the People’s Bank of China. These regulations were meant to provide consumers and businesses with more security in the mobile commerce field while also introducing new standards to the mobile sector.

Regulations had placed caps on the amount of money consumers could spend through their mobile devices

The proposed regulations would have placed a cap on payments made from a mobile device to $1,630 per year, with an $800 cap on any single purchase made through a mobile device. These caps are considered to limit the mobile commerce sector significantly, making it difficult for retailers to engage consumers that are becoming more reliant on their mobile devices. Large companies with a vested interest in the mobile commerce field, such as Alibaba, have taken issue with the caps placed on mobile payments by the People’s Bank of China.

China is a prominent market for mobile commerce

China Mobile Payments and Chinese BankChina has become one of the most active mobile commerce markets in the world. The country is home to both Alibaba and Tencent, which have a powerful presence in the digital space. Both companies have been focusing more heavily on mobile commerce in recent months in order to accommodate the growing demand for mobile services coming from consumers. These consumers have become quite active in mobile commerce as well and have criticized the caps being placed on their ability to pay for products from mobile devices.

People’s Bank of China may remove the caps being placed on mobile purchases through new regulations

The People’s Bank of China is currently looking into revisions to its proposed regulations. These revisions would include either removing or reducing the cap being placed on mobile payments. Doing so would allow consumers and businesses to continue focusing on the mobile commerce space more aggressively in the future.

Mobile payments in China to reach $1.45 trillion by 2015

| July 31, 2013

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.

China mobile payments gain momentumAddressing 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.