Smartphones have become an essential part of an individual’s daily life with rapidly increasing global mobile payments economy.
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Many governments encouraging banks to build infrastructure to enable safe and secure mobile payments.
Asia-Pacific became a leader in the adoption of mobile payments with around 32% of shoppers made mobile purchases, compared to other regions (such as North America, South America and Europe) with the adoption rate between 15 and 22 per cent.
Countries, like China, India, and Australia providing a stable ecosystem for the growth of mobile payment market.
The lack of history of credit card use and increasing popularity of e-Commerce made China as a unique case study that can showcase to the world that cashless societies are becoming increasingly possible.
Already, 40% of Chinese users carry less than USD 15 in cash and mobile payment trend became common among Chinese citizens. Cross-border payment transactions with nearly 65% of Chinese tourists, who demanded mobile payment usage, also contributing to the growth in this sector.
Key market players such as Alipay, Baidu, Union Pay, WeChat and Xiaomi continuously extending their service offerings. Their services connect mass market audiences and lead the mobile payment market with their respective digital Wallet products and Mobile Payment solutions.
With the help of the Chinese Government, the IT and mobile payments industry became its strong promoter. Easy, fast, efficient, and secure mobile payment solutions have increased the uptake of mobile payments in China.