China m-payments market to be world's largest by 2015 | Mobile Payments | Mobile Entertainment

China m-payments market to be world's largest by 2015

China m-payments market to be world's largest by 2015
Tim Green

by

Payments / April 27th 2012 at 10:47AM

$80 billion in payments from 441 million active users.

Market analyst Kapronasia reckons mobile money will be another area in which the booming Chinese economy will dominate the world.

It says the space is is virtually doubling in size every year and projected the market to be worth $7.6 billion at end 2011, rising to $84 billion by the end of 2015.

Kapronasia’s latest report 'Mobile Payments in China' concludes:

* Mobile payment users reached 218 million at end 2011 and will grow to 441 million users by the end of 2015.
* Fewer that ten per cent of China's 900 million mobile phone users use smartphones, leaving tremendous scale for growth.

"2012 will prove to be a crucial year for the mobile payments industry as Chinese authorities establish final technology standards," says Zennon Kapron, MD of Kapronasia. "Firms must continue to push for innovation in both technology and business models in order to stay competitive in this rapidly growing market."