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.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
The fact that the world’s biggest technology firms are branching out into the physical world is a huge opportunity for traditional business models, said inspirational speaker Laurent Haug told treasurers at the BNP Paribas Cash Management University.
It’s no secret that technology is rapidly changing the face of treasury. Joseph Reger, fellow and chief technical officer in EMEIA at Fujitsu, believes that 2018 will be a coming of age for both artificial intelligence and the Internet of Things (IoT).
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.