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China Dives Deeper Into Cashless Economy

By Dong Tongjian
More than 39.42 trillion yuan was paid via mobile devices in the second quarter this year, up 33.84% from a year ago, the People's Bank of China said. Above, customers take their purchases after paying via mobile-payment service Alipay at a market in Wenzhou, Zhejiang province, in September 2015. Photo: IC
More than 39.42 trillion yuan was paid via mobile devices in the second quarter this year, up 33.84% from a year ago, the People's Bank of China said. Above, customers take their purchases after paying via mobile-payment service Alipay at a market in Wenzhou, Zhejiang province, in September 2015. Photo: IC

More transactions went cashless in China in the second quarter.

From April through June, 949.82 trillion yuan ($145.2 trillion) worth of transactions were settled without cash changing hands, up 1.02% from the same period in 2016, the central bank data show. But the volume of cashless payments rose more sharply, up 32.3% from a year ago to 36.90 billion transactions.

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