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China Mobile Payment Market 2005
Analysys International, Oct 2005, Pages: 11
Executive Summary
Mobile payment, as a major payment approach, is expected to be an important future development trend of individual and corporate based value added services (VAS).
However, to most operators disappointment, mobile payment did not develop as well as expected. In contrast, after the initial hardship, Wireless Application Protocol (WAP) realized a high-speed growth in 2004; Colored Ring Back Tones (CRBT) service brought considerable revenue for mobile operators and service providers (SP).
Why has the mobile payment VAS developed slowly? What is the development status of the mobile payment industry? What are the development status and trends of China Mobile and China Unicom mobile payment business?
The key problems for the above issues are: customer orientation, marketing, transferring technologies to efficient applications, transferring applications to popular products and product promotion are still undeveloped.
Based on the profound accumulation and unique understanding of the telecom industry, we conducted research on primary data and secondary information, carried out interviews with industrial experts, utilized different models in order to give an insight of the above well-noted problems.
The report focuses on mobile payment development stage, industrial chain status and business model analysis. It bases on the in-depth research and brings along constructive suggestions.
This report mainly includes the following contents:
Mobile payment definition, features and classifications
Japanese and Korean mobile payment market status and critical success factors
China mobile payment market status and trend
Mobile payment life cycle and the key influential factors
Mobile operators mobile payment service status
Mobile payment market competition pattern
Main mobile payment SPs and third-party solution providers
Analysis Internationals Findings
Mobile payment services are still at the market starting stage
Currently, the operator-dominated mobile payment market is still in its user cultivating stage. As for mobile operators, mobile payment services are divided on the basis of technique fields and are recognized as vertical complementary services other than horizontal system platform services.
Undeveloped industrial chain
The mobile payment industrial chain is still undeveloped. It needs to be improved by the strengthened cooperation between mobile operators, financial agents and platform providers. By constructing advanced cooperation mechanism and platform, enhancing complementary cooperation patterns, the mobile payment application can reach further development.
Developing business model
The current mobile payment business model is still undeveloped. Therefore, SPs and third-party solution providers are working on business model innovation. Unicom Mobile Pay Ltd, Sumit Mobile Systems Limited and ChinaByte have made favorable innovation and explored the development direction for mobile payment. In 2005-2006 the business model will be further developed and corporation model will be approved and supported by the whole mobile industry.
Huge market potential and rapid growth stage in 2005
Among various mobile payment applications, SMS mobile payment obtains the largest user scale and the highest revenue. We expect that mobile operator and local banks mobile wallet service and financial services (E.g. bankcard-user binding service) have encouraged increasing users to receive bank information and payment confirmation through short message services (SMS). Therefore, the mobile payment user scale will expand rapidly. We forecast that mobile payment user scale will reach 18.7 million, with an annual growth rate of 1068.75% and user penetration rate of 4.74%. Moreover, the overall user scale will record 97.5 million in 2008.
Different mobile payment platforms obtain different levels of resource integration capabilities.
Currently, mobile payment platforms with different background and business models obtain different levels of resource integration capabilities. Unicom Mobile Pay Ltd (invested by China Mobile and China Unionpay) and ChinaByte have apparent superior advantages. Unicome Mobile Pay Ltd benefits mainly from its special position as China Mobiles payment service provider. ChinaByte has dramatically developed due to its specific and innovative business model.
Our Suggestions
Suggestions for Mobile Operators
At the early development stage of the industry, fully evaluate the market scale, forecast the industry development trend, and discern the potential technological applications, business model innovation, product extension and the corporation with other service platforms.
Positively lead the overall industry other than waiting for financial and third-party service organizations to promote innovation and reform. The earlier mobile operators seize an advantageous position in the industrial chain, the more competitive they will be in the future industrial integration caused by the opportunity of earlier implementing new services.
Explore new sales channels by making use of superior mobile subscriber resources, provide users with more efficient sales channels and improve the marketing of mobile VAS products by promoting pre-paid cards and credit points.
Suggestions for the third-party payment platforms
The third-party mobile payment platforms should differ themselves from other platforms. Currently China Mobile and China Unicom have different strategies and market orientations in the mobile payment industry development. China mobile defines mobile payment as a payment channel, while China Unicom emphasizes its importance in the financial and other industries. Therefore third-party payment platforms should choose cooperative partners according to their market orientation and different mobile operators development trends.
Due to the fact that there are various third-party payment platforms with different backgrounds and development roadmap, currently, it is critical for third-party payment platforms to fully understand enterprise features and properly adjust industry chain.
Third-party payment platforms need to improve customer experience. They should take advantage of their user resources to thoroughly analyze user habits and their usage time. On the basis of such in-depth researches they can segment customer groups, provide specific products to different customers, improve customer experience and therefore promote marketing.
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