Technology developments are being
cited as one of the triggers for the impending boom in China’s
mobile payment sector, as transaction values are set to increase
308% to CNY9.8bn ($1.4bn) in 2010.

According to data from financial
analysts iResearch, China’s mobile payments sector has already seen
a 202% increase in transaction value to CNY2.4bn in 2009.

Continual growth is predicted with
transaction values expected to rise to CNY42.1bn in 2011 and
CNY115.9bn in 2012.

iResearch analyst Hu Yuanyuan said
the driving forces behind the expected growth in mobile payments
are the development of the 3G network, third-party payment
platforms and promotions by telecoms operators and banks.

Transactions through third-party payment platforms, such as
mobile phones, fixed line phones and the internet, increased 35% to
CNY208.6bn in the first quarter of 2010, according to financial
adviser Analysys.