According to a recent study from iResearch, China third-party mobile payment GMV steadily climbed to USD 230 billion (CNY 1.43 trillion) in Q3 2014, increasing 7.8% versus Q2 2014.

The research points out that after experiencing over-100% quarterly growth rates from Q3 2013 to Q1 2014, and negative growth in Q2 2014, China third-party mobile payment finally showed stability in Q3 2014. The GMV reached (USD 230 billion) 1.43 trillion CNY, increasing 7.8% from Q2 2014 and 414.4% compared to Q3 2013.  Alipay, Tenpay and Lakala were the top three companies according to their market share.

What makes this proposition from Google a bit more attractive and exciting than Apply Pay is its installed base today. Many of the mobile phones running on the Android operating system like those manufactured by Samsung Electronics have come equipped with NFC chips dating back since 2012 or before. Based on Google estimates this means that 7/10 Android users would be able to use Android Pay at launch, which is far more than what Apple has today given that it has to wait through the natural replacement cycle of its phone models to ensure all of its users have NFC chips.