Companies outside of the traditional financial services sector—in particular, ecommerce giants Alibaba and Tencent—are driving much of the activity and innovation around mobile payments in China.
iResearch Consulting Group reported that third-party mobile payment services in China achieved a total transaction volume of RMB1.22 trillion ($197.09 billion) in 2013, a 707.0% year-over-year increase. This figure excludes payments processed by conventional banks and China UnionPay, the country’s bank card association, and does not distinguish between whether those mobile payments came at point of sale, or via online money transfers, credit card payments or mobile shopping. It also includes peer-to-peer money transfers. Read the rest at eMarketer.