Two-thirds of smartphone users in China now pay via mobile
424.5 million Chinese individuals were making regular mobile payments in June
Close to two-thirds of smartphone users in China now make regular payments on their devices, according to a new report on internet development in the country.
The figures from China Internet Network Information Centre showed 64.7 per cent of smartphone users, or about 424.5 million individuals, were making regular mobile payments in June, up 7 per cent from December last year.
The study revealed that China’s total number of internet users has hit 710 million, almost double the population of the United States and a 3.1 per cent increase from December. Some 656 million users access the internet via their mobile devices, it said.
China’s rapid rise in mobile payments is being driven by the equally fast development of the ecosystem to handle the transactions, the report said.
The launch of Apple Pay and Samsung Pay in the country recently gave a boost to the sector’s growth. Popular Chinese smartphone suppliers, such as Huawei Technologies and Xiaomi, are also rolling out new handsets equipped with near-field communication functionality, which allows users to make contactless transactions at certain point-of-sale terminals.
“Mobile payments have become a part of life in China now, driven by a combination of factors including e-commerce and mobile commerce, and services such as taxi-hailing apps,” said Michael Yeo, a senior analyst at research firm IDC.