195.3 million people will use their smartphones to make mobile payments in 2016
The last year has seen China more than double its figures for people using their smartphones to purchase goods and services. This makes China the largest and fastest growing market for proximity mobile payments.
195.3 million people will be embracing the technology in 2016, which shows a growth of 45.8% from last year. It is predicted that by 2020 almost half of all smartphone users will be making proximity mobile payments and this is likely to continue to grow.
The challenge is not in getting people to adopt the technology, but in getting retailers to provide a system which allows for mobile payments. China is the ideal place for such a development, as they’re moving from a culture of paying with cash to one that is happy to use their mobile at the POS.
It’s also worth noting that smartphone users in China are more likely to store their payment information on their phones than users in other countries.
Read more about proximity mobile payments in the Chinese Market.
This comfort with smartphone technology can only translate well for global retailers looking to branch into the China Market. A culture familiar with using their smartphone as a payment method, will be an attractive target for those looking to provide an eCommerce solution. Global retailers moving into this market must provide an mCommerce platform that reflects this cultural drive towards mobile payments.