KPMG Industry Updates - Issue 3, June 2012
Although it has a huge market potential, mobile payment has not been widely adopted as a major payment method in China. The main reasons include lack of cooperation among participants, lack of a unified standard, lack of incentives for retail businesses to invest in the service, and poor user experience. To achieve rapid growth in mobile payment service, regulators and industry participants need to jointly work to enlarge service scope, simplify process, and improve security.
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