CHINA Mobile payment on fast growth in China

CHINA

Mobile payment on fast growth in China

Xinhua

15:37, August 25, 2018

China's mobile payments continued fast growth in the second quarter of 2018, the central bank data showed.

A customer pays with her phone in Hangzhou, Zhejiang Province. [File Photo: VCG]

A customer pays with her phone in Hangzhou, Zhejiang Province. [File Photo: VCG]

The country's banks processed 14.92 billion mobile payment transactions in Q2, up 73 percent year on year, according to the People's Bank of China.

The value of these transactions totalled 62.88 trillion yuan (9.15 trillion U.S. dollars), up 60 percent year on year.

China's online payment industry has grown quickly in recent years amid growing availability of smartphones.

Online payment transaction value by non-banking institutions totalled 48.29 trillion yuan in Q2, up 53.35 percent year on year. 

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