Monday, 12 August 2013

Mobile internet payments in China grew 91% in Q-o-Q in Q2 2013

"According to the statistical data released by iResearch, GMV of China third-party mobile payment market attained 106.41 billion Yuan in Q2 2013, up 64.7% compared with Q1. GMV of remote mobile Internet payment gained 85.24 billion Yuan, up 90.7% over Q1, which was higher than the overall mobile payment GMV in Q1.
In Q2 2013, GMV of remote mobile Internet payment experienced explosive growth, up 90.7% versus Q1. Text message payment kept around 2% QoQ growth rate. Near field communication (NFC) payment experienced about 50% growth due to efforts made by participants in the industrial chain.
iResearch analyzes that there are three factors contributing to the rapid development of mobile payment market. Firstly, rapid development of mobile e-commerce market brought mobile payment with conventional increment. Secondly, mobile payment holds unique advantages in convenience, greatly enhancing user viscosity. Personal business, represented by repayment, payment and telecom account top-up, gradually shifted from PC to mobile device. Thirdly, in the trend of rapid development of mobile Internet and gradually clear mobile payment standard, participants in the mobile payment industrial chain actively made strategies and piloted new business. Therefore, mobile payment market witnessed booming development."
Source:  iResearch, 5th August 2013
Note - I take 'mobile internet payment' to mean m-commerce, while NFC payments will be made in-store.

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