Celent has released a new report stating that China will soon lead the worldwide mobile payments market with 410 million users by 2013, according to finextra.com.
China already boasts more than 740 million mobile phone users as of 2009, making it easily the world’s largest mobile market. However, mobile payment has so far penetrated this community at a rate of only 10%. According to the report, this rate will jump 48% year-after-year until 2013.
Additionally, Celent says the number of contactless m-payment users will skyrocket to 400 million by 2015.
Celent’s report examines China’s three major m-payments players – mobile operators, banks, and third party companies – and cites their newfound cooperation as a major catalyst in the predicted m-payments boom.
Celent analyst Hua Zhang says, “Partnerships with banks are very important for vendors who want to enter the market. Currently, the best business model in the Chinese market focuses on cooperation between operators and banks. Mobile operators and third party payment companies are also strengthening their cooperation with the banking industry for increased success.”
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