CHINA East China's Zhejiang to facilitate mobile payment


East China's Zhejiang to facilitate mobile payment


17:16, October 29, 2019

HANGZHOU, Oct. 29 (Xinhua) - The Hangzhou Central Sub-branch of the People's Bank of China (PBC) on Monday released a four-year action plan to facilitate transactions across east China's Zhejiang Province, seeking basic full mobile payment coverage by 2022.


File photo: VCG

The action plan was issued at a press conference on the 2019 Qiantang River Forum which is scheduled to be held on Friday in the provincial capital Hangzhou, focusing on Fintech.

According to the plan, active mobile payment users in Zhejiang will exceed 50 million by 2022, covering over 90 percent of the population in the province.

Zhejiang's total mobile payment transaction volume and amount are expected to enjoy an average annual increase of more than 30 percent in the next three years, with full coverage in transportation, healthcare, utility service, trade and tourism, as well as in school and corporate campuses.

The province will step up efforts to promote mobile payments via smartphones, QR codes and bio-identification, satisfying people's diverse needs in different consumption scenarios, the plan noted.

The action plan will provide long-tail clients with access to mobile payment, thus better serve rural revitalization and boost inclusive financing, said Xu Zifu, deputy head of the PBC Hangzhou Central Sub-branch.

Big data and blockchain technologies will be used for risk monitoring, analysis and prevention.

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