TECH Mobile payments gaining steam in rural China

TECH

Mobile payments gaining steam in rural China

CGTN

03:21, April 07, 2019

250518ce296345fd8cf715228b38ea1c.jpg

(Photo: CGTN)

Mobile payment is gaining steam in China's rural areas, according to the country's central bank.

A total of 274.883 billion mobile payment transactions were made via non-banking payment platforms in 2018, worth 74.42 trillion yuan (11.08 trillion US dollars), up 112.25 percent and 73.48 percent respectively, data from the People's Bank of China showed.

Mobile payment dominates the online payment market in rural areas, with total transaction deals and volume making up nearly 95 percent and 97 percent of the online payment totals in rural areas.

Rural areas also reported increased banking transaction accounts and bank cards.

China had 126,600 rural banking outlets by the end of 2018, with about 1.31 banks serving every 10,000 people in rural areas on average.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue