Mobile payments market set to reach USD 80 Billion in China by 2016
In a report released by research and consultancy company Kapronasia, China’s mobile payments market is expected to surpass USD 80 Billion by 2016 and sustain an active user base of 441 million users by 2015, with this number set to double annually. This is a significant finding for a rising trend and business opportunity for most mobile operators, merchants and banks.
Interestingly, the study also bills China as the number one smartphone market in the world, surpassing the US and driving the most technological advancement in the mobile payment sphere.
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Further statistics show the dramatic growth potential, citing year-end 2011 revenue posted at USD 7.6 Billion with 218 million active users and projecting growth by 2016 to be at USD 84 billion and over 400 million active users. Surprisingly enough, despite China’s dominance in smartphone usage, less than 10 percent of the 900 million mobile device users have adopted smartphones, demonstrating even further growth potential for this market.
This growth may be hindered over the short-term, as Chinese officials and government bodies continue to develop mobile payment regulations, which could delay quicker implementation.