Technology developments are being cited as one of the triggers for the impending boom in China’s mobile payment sector, as transaction values are set to increase 308 percent to 9.8 billion yuan in 2010, reports China Securities Journal.

According to data from financial analysts iResearch, China’s mobile payments sector has already seen a 202 percent increase in transaction value to 2.4 billion yuan in 2009.

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Continual growth is predicted with transaction values expected to rise to 42.1 billion yuan in 2011 and 115.9 billion yuan in 2012.

Hu Yuanyuan, an analyst from iResearch said the driving forces behind the expected growth in mobile payments are the development of the 3G network, promotional effects by telecoms operators, banks and third party payment platforms.

Transactions through third party payment platforms such as mobile phones, fixed line phones and the internet, increased 35 percent to 208.6 billion yuan in the first quarter of 2010 according to financial advisors Analysys.