According to iResearch data, the third-party mobile payment market made GMV of 1.2 trillion Yuan in 2013, up 707.0% compared with 2012.
Mobile Payment Market
iResearch data shows that in 2013, the GMV of China third-party mobile payment market hit 1.2 trillion Yuan, up 707.0% YoY. Instead of online shopping, personal transactions such as account transfer and payment for credit cards became the main GMV source of mobile payment. iResearch believes that with the continuous improvement of mobile payment technology, offline market will become the primary battleground of market participants including Internet giants, acquirers, operators, banks, etc. Along with gradual maturation of online market, online payment companies will turn their attention to reverse O2O market which is from offline to online, in order to make a breakthrough in offline market.
The Market Structure
iResearch data reveals that in 2013, remote mobile payment made up 93.1% of the whole mobile payment market, but no obvious breakthrough was found for proximity payment based on near field communication (NFC), which was also with great expectations, and it just captured 0.8% of the market share. iResearch analyzes that in 2014, with comprehensive consideration of the development situation and macro-environmental of the industry, breakthrough in product form and the active attitude of companies, mobile payment market will be primarily driven by application of Internet technologies represented by QR code and acoustic payment in offline payment, while the inferiority of NFC-based proximity payment in terminal devices will become a fatal obstacle to its future development which would not see substantial improvement in the coming years.