CHINA SEES A SHARP INCREASE IN MOBILE PAYMENTS

Friday, May 30, 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.

Source: Mobile Commerce Press (link opens in a new window)

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banking, financial innovation, financial products