Industry Highlight : Chinese Mobile Payment Market Created 74.2 Billion Yuan in 2011
According to Prediction on China 3rd Party Payment Market 2011-2014， provided by EnfoDesk，Analysys International， the mobile payment market developed rapidly in 2011. Its total sale was 74.2 Billion Yuan， up 67.8% compared with 2010. The number of mobile payers stood at 187 million， up 26.4% compared with 2010. EnfoDesk has its prediction that mobile payment market will keep a rapid growth in the coming 3 years， and by 2014， the sale will reach 38.50 Billion Yuan and the number of users will be 387 million.
According to EnfoDesk, the rapid growth of Chinese payment market in 2011 was due to:
1. Smart devices and mobile internet developed rapidly, which provided solid foundation for mobile payment system development. The sales of smart phones in 2011 were up 150% compared with 2010, and users of mobile internet in 2011 were 430 million people. The rapid Development of smart phone and Internet greatly promote mobile applications and mobile payment.
2. Rapid growth of mobile applications provided various applications for mobile payment systems. Mobile applications relied on smart phones developed quickly in 2011， especially the development of transaction applications such as shopping， financial management and life services， which made the mobile payment market abundant.
3. Mobile payment providers stepped up their efforts in product development and promotion. Considering future development of payment market， numerous payment providers renewed their effort in the development of mobile payment field and promotion. Internet payment providers like Alipay，Tenpay， 99 bills and Chinapnr all offer mobile payment products to the market. Enterprises such as China Unionpay，Umpay and Qiandai launched large-scale promotions. China Mobile， China Unicom and Telecom established payment companies. As more companies enter the mobile payment sector, competition become fierce, and product development and promotion become the keys to survival.