China is one of the upcoming destinations for mobile money services owing to its wide mobile subscriber base, rapid smartphone penetration rate, increasing government support and the consumers increasing preference for mobile commerce. The country is also recording an increasing uptake of contactless mobile payment services with NFC being the primary technology adopted for this implementation of this service.
The mobile payment initiative is further driven by initiatives implemented by leading mobile operators, China Mobile, the largest operator with market share XX%, China Unicom, with a share comprising XX%, and China Telecom with a market share of XX%, in addition to China UnionPay, Chinas only national payment network are all initiating mobile payment platforms.
While the roll out of mobile payment services has been delayed in the past due to different operators adopting different technologies, the government has intervened and all operators have now adopted the mobile payment standard based on XXMHZ allowing network interoperatibility. The following table summarizes the development of mobile payment platforms in the country. |
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