China sees a sharp increase in mobile payments
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
Major 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.
About The Author
Stephen
About Stephen: Stephen Vagus is an aggressive and ambitious writer with several years of experience in the field of journalism. Born and raised in California, Stephen has followed his journalistic passion around the world, reporting on breaking events in countries like Japan and Qatar. Stephen has an acute interest in the mobile commerce sector, as well as in marketing and mobile technology.
