BUSINESS China's non-cash payments top 4,000 trln yuan in 2020

BUSINESS

China's non-cash payments top 4,000 trln yuan in 2020

Xinhua

13:56, March 27, 2021

File Photo: CGTN

BEIJING, March 27 (Xinhua) -- The non-cash payments handled by Chinese banks maintained steady expansion in 2020, with mobile payments sustaining growth momentum in previous quarters, data from the central bank showed.

The amount of money involved in non-cash payments, including commercial papers, bank cards and online payment vehicles, totaled 4,013.01 trillion yuan (about 613.84 trillion U.S. dollars) last year, up 6.18 percent year on year, according to the People's Bank of China.

In the fourth quarter alone, the volume of non-cash payments climbed 10.29 percent from the previous year to 1,069.33 trillion yuan.

Specifically, mobile payments sustained an upward trend in 2020, with the total volume jumping 24.5 percent from a year earlier to 432.16 trillion yuan.

Bank card transactions amounted to 888 trillion yuan last year, a yearly increase of 0.18 percent, according to the central bank.

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