The mobile payment market in China looks to be turning into a force to be reckoned with. Market research firm Analysys International recently predicted that by 2015, mobile payments in the People’s Republic will top CNY712.3 billion ($114 billion).

Also by 2015, third-party Internet payments will reach CHY13.92 trillion ($2.24 trillion), said China Tech News. 

Following implementation of a license structure in 2012, third-party payment companies began to increase their market presence. Additionally, more traditional enterprises are beginning to embrace e-commerce, stepping up the need for third-party payments providers.

Likewise, mobile payments standards were established, said the China Tech report, which made it possible for FIs to enter the mobile market, where they are quickly cultivating a mobile payments-using public.

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