China Close to Mobile Payment Standard

April 22, 2013

At a Beijing mobile payments conference, a China UnionPay executive disclosed that the country has drafted a national mobile payment standard and could announce it within a year. Nie Linhai, a deputy director of the Ministry of Commerce’s Department of Electronic Commerce and Informatization, also spoke at the conference and said the government had set targets for e-commerce sales of RMB 18 trillion ($2.26 trillion), including online retail sales of RMB 3 trillion ($485 billion), by 2015, but that it now appears that the actual figures will exceed the targets.

“The growth of e-commerce will drive growth in a number of related service industries,” Nie said. “There are more than 150,000 service enterprises in China at present, with 2011 operating revenues of more than RMB 120 billion ($19.4 billion) and 2012 revenues of more than RMB 200 billion ($32 billion). By 2015, we expect e-commerce service industry revenues of more than RMB1 trillion ($162 billion) and the payment industry will make up the bulk of this.”