China, the second largest global economy, is currently the most dominant force in the proximity mobile payment market in the world.

The number of Chinese mobile payment users in the country had doubled in 2015 and that number is expected to reach around 195.3 million users in 2016 as compared to the United States' 37.5 million, according to a survey conducted by research firm eMarketer.

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It was revealed that China has around a total of 700 million smartphone users - about 56.8 percent of the country's entire population - in which most of them access the Internet via their mobile devices.

The number of users that make payments using their smartphones will reach about a quarter of the total mobile Internet user population this year which is a 45.8 percent increase over 2015. By the year 2020, it is predicted that nearly half of the Chinese smartphone users will start making purchases using mobile payment technology.

In China, the two largest tech companies in the country Alibaba and Tencent are going head to head in the mobile payment race, while foreign rivals - such as Apple and Samsung - have recently joined in to take advantage of the domestic market.

For Tencent, this year it plans to roll out its mobile payment service WeChat Pay in Japan in order to help Chinese visitors to easily make purchases, while giving plenty of opportunities for Japanese businesses. As for Alibaba, the e-commerce giant has plans together with Samsung to enable Chinese Samsung Pay mobile users to make offline payments using Alipay's barcode and QR codes scanners.

To learn more about China's mobile payment industry, the 5th Mobile Payment China 2016 will hold a two-day event in Shanghai this June 15.

TagsMobile Payment Market China, Alibaba, Tencent, Proximity Mobile Payments, chinese smartphone users