China to expect dramatic take-off in mobile payments

A report published by consultancy firm Celent says conditions are ripe for a boost in mobile payments usage in China.

China has all the conditions required for a rapid take-off in mobile payments, says a report published by consultancy firm Celent. Government support, close cooperation between financial institutions and mobile operators, low bank card penetration and high mobile phone usage are all factors identified by the firm as necessary for market growth, and are all present in China.  

That China has vast potential will not come as much of a surprise given the raw statistics. The country has 740 million mobile phone users -- the largest number of any country and double the number of its internet users. Remote mobile payment penetration where payments are made via mobile phones and bills are settled...

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