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China is home to the largest mobile network in the world, with millions of new users added every month. In the past ten years, Chinese consumers have widely adopted electronic payment services, including bankcards, online payment, and contactless smartcards. The convergence of the mobile and e-payment industries is creating numerous opportunities for new services and inter-industry partnerships.
In the first edition of our Mobile Payment in China report in 2006, we noted that despite no shortage of optimism and investment, China simply wasn't ready for mobile payments. In subsequent editions we regretfully came to similar conclusions, even as online payment, bankcard usage, and other forms of e-payment flourished. As 2013 comes to an end, however, it is clear the situation has changed. While many familiar obstacles to development remain, there are real reasons and evidence that m-payment is indeed poised to take off. Heading into 2014, we are, for the first time, optimistic about China's mobile payment and m-commerce markets.
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