China's Mobile Banking Penetration Reaches 52%

Communication Information News, 3/30/11

According to the "2011 China Mobile Banking Industry User Survey" recently issued in Beijing by Chinese mobile internet portal 3G.cn, as of February 2011, mobile banking reached a penetration rate of 52.2% among Chinese mobile internet users, compared to 36.8% in July 2010. The report also shows that the industry is making inroads amongst the middle-age demographic, and users' personal monthly income level continues to rise.

The Industrial and Commercial Bank of China's mobile banking services led the industry with a penetration rate of 35.1%, followed by China Construction Bank with 35% in second place, while other banks trailed far behind.

According to the survey, security was named a key concern by more than 60% of mobile banking users.

Micropayments remained the strongest application of mobile banking services, with over 70% of users' largest payments remaining under RMB 1,000, while nearly half made payments no larger than RMB 500. More than 10% of users reported making payments in excess of RMB 10,000.

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