Citing a new study by the Internet Society of China, People's Daily Online reports that online payment transactions handled by Chinese mobile payment service providers will exceed 9 trillion yuan, or $1.45 trillion U.S. currency, by 2015.

According to the report, China’s mobile banking sector handled 800 billion yuan in online payment transactions in 2012, an increase of 265.3 percent over 2011. Last year the country's online payments rose 66 percent to nearly 3.7 trillion yuan, with fast growth in payments on premiums. Online premium payments grew 123.8 percent year on year to 3.66 billion yuan in 2012, the report said.

Shi Xiansheng, deputy secretary-general of the ISC, said the country's online payment market is maturing with the accelerated growth of Internet finance.

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