Mobile Payments In China

Executive Summary

• The Chinese mobile payment market has grown rapidly and will reach ¥2 trillion (US$1.83 trillion) in 2016, up from ¥0.2 trillion (US$31.7 million) in 2012, according to iResearch.
• E-wallets account for a 58% share of the mobile payment market in China—the highest percentage globally—indicating that mobile payments are an integral part of the Chinese shopping experience. In the US, the figure is just 15% and in the UK, it is 23%.
• Mobile payment systems based on NFC and QR code technologies are most common in China.
• New regulations and improved security will provide more clarity on the evolving mobile payment industry in China.
• Retailers in China need to optimize their mobile payment strategies in order to increase sales and customer retention.