China’s Mobile Payments Market Expected to Become World’s Largest by 2013

A new report from research firm Celent finds that China is likely to become the world's largest mobile payments market by 2013. The country's mobile payments market is expected to grow 48 percent year-on-year to 410 mobile users by 2013. The growth is in both remote payments (e.g. fund transfers and remittances through the mobile phone) and contactless mobile payments (e.g. using near-field communications technology to effect payment at subway turn styles, vending machines, or point of sale terminals in convenience stores or retailers). China is expected to have 400 million users of contactless mobile payments alone by 2015...