China's Mobile NFC Payments Will Accelerate in The Future

Source:iResearch July 03,20184:47 PM
In 2017,the top 5 smart phone brands in China regarding their shipments are Huawei, OPPO, vivo, Mi and Apple, and these five brands accounted for 75.7% of the total smart phone shipments in China. According to the research done by iResearch, the smart phones with the function of near field communication (NFC) accounted for only 17.1% of these five brand phones on the market in 2015, while the share quickly expanded to 31.3% in 2017, indicating that mobile NFC payment hardware was improving.

Data from iResearch present the transaction volume of China's mobile NFC payments totaled 4.89 billion Yuan in 2017. Meanwhile, the QoQ growth of this market during Q1 2017-Q1 2018 showed that the  transaction volume was accelerating its growth. iResearch estimated that China's mobile NFC payment will keep its fast growth and attain 2.94 billion Yuan in Q1 2018 thanks to the promotion of Unionpay Quick Pass during the Spring Festival. 
Mobile NFC payment will show significant advantages in public transportation payments in the future.

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