China's mobile payments reached $1.59 trillion in 2013

China’s 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 market has skyrocketed by 317.56% year-over-year and processed over 9.64 trillion CNY ($1.59 trillion).

According to data provided by the People’s Bank of China (PBOC), along with the 317.65% increase, a 212.86% year-on-year hike was recorded in order amounts, resulting in 1.67 billion orders placed via mobile devices in 2013. All in all PBOC’s data shows Ecommerce growth in China up to 1.075 trillion CNY for 2013, 29.45% higher than 2012, and orders amounting to 25.78 billion, 27.4% increase as opposed to the year prior.

PBOC has 3 payment categories under the “Epayments” segment, online payments, mobile payments, and phone payments. Along with mobile payments, online payments grew by 28.89% year-over-year, with a total of 1.061 trillion CNY spent. As expected, traditional phone originated payments declined by 8.92% year-over-year in 2013.

We recently posted on iResearch’s findings, where a higher 707% year-over-year increase was shown. However, iResearch’s report combined all aspects of mobile transactions and focused on 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.

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