Report: China to Become Largest Mobile Payments Market by 2013

Nov. 15, 2010

Mobile payments in China are expected to soar 48 percent to 410 million users making it the world’s largest mobile payments market by 2013, according to a new report from global research and advisory firm Celent. Mobile Payments in China: Emergence of a Mega-Market examines the market size, market characteristics, major supply chains, vendors, technology and customer experience of mobile financial services in mainland China. The report breaks down the mobile market into contactless and remote payments and estimates the remote market will account for 241 million of the 410 million total users. “Partnerships with banks are very important for vendors who want to enter the market. Currently, the best business model in the Chinese market focuses on cooperation between operators and banks,” says Hua Zhang, analyst with Celent’s Asia Financial Services group and author of the report. “Mobile operators and third party payment companies are also strengthening their cooperation with the banking industry for increased success.”