Chinese mobile payments may grow 142% by 2020

The total value of Chinese mobile payment transactions may increase by an average growth rate 142% to the end of the decade, according to a new study.

This would mean the total value of mobile payments could be as high as $2,011.17 trillion by 2020, analysis firm Research and Markets concluded in their latest report on payments in the country.

The report also found that mobile banking accounted for 83% of the value of mobile payment transactions in 2015. This is expected to fall to 80% by 2020.

The report said that third-party mobile payment transaction values were worth around 21.96 trillion yuan in 2015 and the market was set to grow quickly. It added that Alibaba's Alipay and Tencent's Tenpay account for 90% of the market.

It said that competition has strengthened over the past 12 months as handset makers and other companies have increased their presence in the payments sector.