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Mobile payment users hit 125 million in 2013, up 126 percent year on year, said the 2014 China Internet Financial Development Report.
It was jointly published by the Internet Society of China (ISC) and Finance World, a magazine of Xinhua News Agency.
But Shi Xiansheng, deputy secretary-general of the ISC, said mobile payments were vulnerable to bugs in smartphones.
He urged improved technology to safeguard mobile payments and safety standards to better protect consumers' rights.
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