White Paper - Mobile Payment in Greater China
One could believe China to be the best place for mobile payment development. The country has the largest mobile phone subscriber base in the world, with over one billion users, it also has a highly bancarized population with over 2.86 billion banking cards in circulation, and its has been established that more than 440 of the approximately 600 cities in China, or 73%, have set up systems to allow people to swipe smart cards on public transportation. In addition, China is home to many major companies including handset manufacturers, telecom network equipment developers, POS terminal manufacturers, etc.
At the same time, China has not yet implemented a wide scale nationwide mobile payment scheme, but the country abounds with mobile payment pilots and experiments. Regulatory authorities are currently in the process of finalizing standards and regulations for future rollouts of mobile payment. It has been experienced in the past that China is not the always the first to implement new technologies, but once a consensus is found between all players (technology suppliers, service operators, government, regulatory bodies, …), the rollout is fast and efficient.