More NewsChinese Mobile Payments Near US$1.6 trillion

Chinese Mobile Payments Near US$1.6 trillion

The value of mobile payments in China jumped by over 317% from 2012 to renminbi (RMB) 9.64 trillion (US$1.58 trillion)
China Daily
reported, citing data released by People’s Bank of China (PBOC). The number of mobile transactions in China climbed nearly 213% to 1.67bn as more consumers in the country used their devices to make purchases, even though mobile payments accounted for no more than 3% of the country’s overall non-cash transactions last year.

Mobile payments were the fastest growing of all e-payment methods recorded by the central bank last year, which include online payments via computers and telephone payments. Compared to mobile payments, the value of e-payment transactions in total increased by only 29.46% to RMB1,075 trillion ($177 trillion) in 2013. All non-cash payments in China, which include debit and credit card transactions, grew 21.92% year-on-year to 50.16bn and generated RMB607.56 trillion.

The increased uptake of mobile payments in China was helped by internet giant Tencent rolling out an update to its mobile messaging app Weixin (known as WeChat outside China) that incorporated payments.

Last month, Chinese e-commerce giant Alibaba integrated its payments service with China’s version of Twitter, Sina Weibo, so users can connect their Alipay accounts with their Weibo accounts and buy items without having to log in.

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