Statistics released yesterday by China’s Ministry of Industry and Information Technology (MIIT) show that as of the end of November 2012, there were 1.104 billion mobile phone users in that country, an increase of nearly 118 million people during the first eleven months of 2012, TechCrunch reported. With mobile payments on the rise in China, this is great news for merchants.
We recently reported that according to NFC World, China’s largest mobile operator has signed agreements with transport companies in cities across the country to introduce mobile payments in 2013. In addition, The People’s Bank of China wants to create a national standard for mobile payments. This intention is based on the belief that NFC technology will be central to mobile payments in the country. China Unicom is set to launch its first NFC products in the country soon.