According to IDC's market studies, China's mobile payment market handled RMB 151.14 billion in transactions in 2012, a year over year (YoY) increase of 89.2%. Transactions in China's mobile payment market are expected to exceed RMB 1 trillion, hitting RMB 1.36 trillion in 2017.
"Mobile payments are embarking upon a period of rapid growth. Operators will make breakthroughs, but the overall market is still in its infancy, with uncertain patterns of competition. In the next 3—5 years, China's mobile payment industry will concentrate on distribution and user numbers, and third-party companies will play an important role in industry development," says Li Jingfeng, senior analyst with IDC China's Service and Telecom Research Department.