Mobile Payments in China Expected to Top $80 Billion by 2015
April 26, 2012
Mobile payment transaction value in China is almost doubling every year and is expected to be worth more than $80 billion with 441 million active users by 2015, according to a recent report from Kapronasia. The Shanghai-based research and consulting firm says China has overtaken the U.S. as the largest smartphone market in the world.
“2012 will prove to be a crucial year for the mobile payments industry as Chinese authorities establish final technology standards,” said Zennon Kapron, managing director 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.”
The report estimated the Chinese mobile payment market to be worth $7.6 billion at end 2011, rising to $84 billion by the end of 2015. Kapronasia also found that though China surpassed the U.S. as the biggest smartphone market worldwide, penetration of smart phones is still less than 10 percent of the total 900 million mobile phone users, leaving tremendous opportunity for growth.