Chart of the Day: China’s Mobile Payment Transaction Volume Hits $41.51 Trillion in 2018
China has seen an explosive growth in mobile payments over the past five years. Transaction volume reached 277.4 trillion yuan ($41.51 trillion) in 2018, up more than 28 times from five years ago, according to the People’s Bank of China (PBOC).
The total number of transactions made via mobile payment platforms surged to 60.53 billion last year, up from 1.67 billion back in 2013, a report from the central bank (link in Chinese) Thursday shows.
 |
Mobile payment platforms Alipay and WeChat Pay control more than 90% of the market.
By the end of 2018, 424 commercial banks and 115 payment institutions were connected to the PBOC-backed NetsUnion Clearing Corp. — which serves as the sole intermediary for the clearing of nonbank online transactions.
Contact reporter Gao Baiyu (baiyugao@caixin.com)
- 1Cover Story: The Vision of Singapore’s Next Prime Minister
- 2Local Chinese Governments Paid $148 Billion in Interest in 2022
- 3In Depth: What’s in Store for Yuan Internationalization in 2023?
- 4Weekend Long Read: What Jack Ma Taught Me in 1999
- 5U.S. Seeks ‘Guardrails’ in China Talks to Avoid Conflict, State Department Says
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas
Sign in with Google
Sign in with Facebook
Sign in with 财新