Transaction volumes triple in just a year
China’s mobile payment business more than trebled in 2013, rocketing to 9.64 trillion yuan ($1.59 trillion) on the back of soaring peer-to-peer transactions and a determined push by the nation’s banks into digital money. According to new figures released by the People’s Bank of China, e-payments increased 317 per cent against 2012 with some 25 billion orders and a total volume of 1,075 trillion yuan, up 27 per cent and 29 per cent respectively against the previous 12 months.
The huge growth in smartphones, in which China’s usage is expected to soon outstrip that of even the US, attributed to much of the e-money explosion.
China Mobile, the biggest provider, alone has more than 750 million subscribers and recently forged new ties with Apple to provide the Republic with cheaper versions of the iPhone.
A separate report by online tracking and data analysis service iResearch suggests an even faster acceleration of mobile money services.
It saw total transaction volumes by Chinese independent mobile payments services reaching 1,219.74 billion yuan (roughly $200 billion) in 2013, a 707 per cent year-over-year increase.