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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.

Keywords: China Construction Bank penetration wireless mobile banking segmentation ICBC statistics users

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The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

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