China's mobile payments market will grow three-fold by 2023, with active mobile payment customers reaching 956 million from 562 million in 2017, according to a report by USD. The growth is attributed to low credit card use, widespread e-commerce use and a growing middle class. The report said China will focus on enhancing the security of mobile payments, and will be an important player in the global mobile payment market.
China's mobile payments market will grow three-fold by 2023, with active mobile payment customers reaching 956 million from 562 million in 2017, according to a report by Frost & Sullivan. The growth is attributed to low credit card use, widespread e-commerce use and a growing middle class. The report said China will focus on enhancing the security of mobile payments, and will be an important player in the global mobile payment market.