A recent report by Deloitte & Touche says mobile payments in China, though still in their infancy with uncertain policies, undeveloped technologies and limited application scenarios, will experience a golden era of development in the next three years.

Not long before the report came out, McDonalds and Starbucks set up agreements with mobile payment companies PayPal and Square so their customers can swipe their mobile phones when purchasing burgers and lattes in some parts of the world. Soon Chinese consumers will join their ranks.