Chinese mobile payments to soar in 2013

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China is set to follow Asia-Pacific countries to embrace a cashless society as it taps a boom in e-commerce and electronic payments, with mobile payments likely to soar 52.7 percent annually in 2013, Shanghai Daily reported a research firm saying Thursday.

Electronic payments are forecast to hit US$31.4 billion this year after growing 20 percent annually for the past four years. However, mobile payments are likely to expand even faster to US$17 billion in 2013, Capgemini, the newspaper reported a France-based research firm saying Thursday.