Growth in the internet and mobile payment markets in China is expected to accelerate, with market research firm Analysys International recently predicting that by 2015, mobile payments in the People’s Republic will top CNY712.3bn, or around US$114bn.
The research firm also expects the number of registered internet payment accounts to reach 1.378bn by 2015.
In other news, by 2015, third-party internet payments will reach CNY13.92 trillion ($2.24 trillion), according to a report in ‘China Tech’ News.
Following implementation of a license structure in 2012, third-party payment companies began to increase their market presence. Additionally, more traditional enterprises are beginning to embrace electronic commerce (e-commerce), stepping up the need for third-party payments providers.
Likewise, mobile payments standards were established, said the China Tech report, which made it possible for financial institutions (FIs) to enter the mobile market, where they are quickly cultivating a mobile payments-using public.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.