Mobile payments in China have jumped by 707% year-over-year in 2013, according to the 2014 China Internet Financial Development Report published by the Internet Society of China (ISC) and Finance World.
According to the report, the number of Chinese customers making payments using mobile devices surged to 125 million in 2013, with an increase of 126% from the previous year.
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However, growing popularity of mobile payments has also presented increased security risks for online transactions. ISC Deputy Secretary-General Shi Xiansheng warned of the security threats associated with online payments, as reported by paymentweek.com.
The study underlines that Chinese consumers made over 1.6 billion financial transactions through mobile phones last year and this figure equaled to $1.6tn.
Considering the security risks associated with mobile payments, the People’s Bank of China has decided to limit the amount of money that users could spend through their mobile phones.
It is believed that Chinese central bank’s move to cap the mobile payment amount will adversely affect the industry growth; although, regulators claimed these restrictions were imposed to safeguard consumers from security risks.
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