Now, many leading players in the mPayments environment in China are launching initiatives to deploy a global nationwide system for mobile payment transactions. China Mobile, the largest mobile network operator worldwide by the number of subscribers is partnering with China UnionPay, the state’s national bank card association, and eight leading financial institutions to roll out a nationwide mobile payment project. Both other mobile network operators, China Unicom and China Telecom, are also launching major projects.
At the same time, the highly competitive Hong Kong market is home to a series of initiatives coming from partners with various. The Taiwanese market, more federated under the umbrella of EasyCash, the existing nationwide prepaid card, also moves towards mobile payments in partnership with all telcos and most major banks.
Thierry Spanjaard, Smart Insights chief editor concludes: “The mobile payment market in Greater China is increasingly growing representing huge business potential for all stakeholders in the ecosystem.”
Indeed, the MIIT China Electronics Standardization Institute (CESI) had set targets for eCommerce sales of CNY 18 trillion (EUR 2.2 trillion), including online retail sales of CNY 3 trillion (EUR 368 billion), by the end of the 12th Five-Year Plan period (2011- 2015). However, it now appears that the actual figures are to exceed the targets. All of this, and a lot more, is described in Smart Insights White Paper “Mobile payment in Greater China 2014”.
The White Paper can be downloaded free of charge.