China processed $200 billion in mobile sales during 2013

China has processed roughly $200 billion in mobile transaction throughout 2013.

A report by Chinese internet market research firm iResearch shows a 707% increase in mobile transactions year-over-year, with 2013 processing ￥1219.74 billion.

iResearch looked at all independent mobile payment services available in China, including conventional mobile banking, China UnionPay, the bankcard association, and proprietary mobile payment and peer-to-peer services like Alipay and WeChat. When looking further iResearch found online shopping to not be the primary use of mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in the country, but rather remittance, bill payments and other non-shopping related payments.

independent mobile payments in China have shown significant growth in the past few years. China processed ￥58.61 billion (roughly $9.5 billion) in 2010, ￥79.87 billion (roughly $13 billion) in 2011, ￥151.14 billion (roughly $24 billion) in 2012. 2013 saw an 800% increase compared to 2012.

SMS based money transfers dropped dramatically over the past 3 years. In 2010 SMS transactions consisted of 92.5% of mobile payments while as of now they calculate to 6.1%. 93.1% of all mobile payments are currently placed from smartphones and tablets through applications.

iResearch also recorded the decrease in NFC based transactions, which dropped from 2.6% in 2012 to 0.8% in 2013.

Source

Image courtesy of Flicker