China payments to hit $80bn

The Chinese mobile payment market is expected to be worth more than US$80bn with some 441m active users by 2015, according to new research from Kapronasia. China has already surpassed the US as the biggest smartphone market worldwide, though penetration is still less than 10% of the total 900m mobile phone users and allows plenty of room for growth, says the “Mobile Payments in China” report.