Alipay announced new mobile payment service to make fund transfer easier. Users can transfer fund via Alipay mobile apps to anyone with a mobile phone number. A confirmation via SMS reply will confirm the payment. If the mobile number is associated with an Alipay account, the payment will be instantaneous.
CHART: Mobile Payment Status in China
According to a recent report from iResearch, China mobile payment reaches 48.14 billion yuan last year, up by 149.4%. And, the number of mobile payment users reaches 190 million in 2011 and will likely grow to 480 million in 2013 according to iResearch data.
Third Party Payment in 2011 Exceeded 2 Trillion Yuan
China’s third party online payment continues to maintain strong growth in 2011 with an estimated total transaction exceeding 2 trillion yuan (2,203.8 billion yuan or USD 349 billion), up 118%.