Report: Mobile Payments in China Surging
Nov. 25, 2013
A Chinese government report expects mobile payments in the country to be worth more than $130 billion in 2013, a more than five-fold increase from the year before. The number of transactions made via mobile devices more than doubled in 2012 to 535 million and the value of mobile money transfers grew 132 percent in 2012 to $379.3 billion.
The report was compiled by a research group headed by Ba Shusong, deputy director-general of the Institute of Financial Studies under the Development Research Center of the State Council.
Another sign of the growing prevalence of mobile payments highlighted in the research was an 800 percent jump in mobile transactions reported by Alipay, the third-party payment arm of Chinese e-commerce giant Alibaba Group. In 2013, the report said, one-third of Alipay’s transactions originated on a mobile device.