China’s embrace of mobile payments is showing no signs of stopping.
The country’s banks processed 59.5 billion electronic payments in the third quarter, representing a total of 612.9 trillion yuan ($87.2 trillion), according to figures published Friday by the central bank.
Of those payments, 27.3 billion were mobile transactions, representing a year-on-year rise of 61.1%. A total of 86.1 trillion yuan changed hands via mobile, an increase of 31.6% from the same period last year.
Overall, 89.8 billion noncash transactions passed through the country’s banks in the third quarter, representing 926 trillion yuan, the central bank said.
Meanwhile, nonbank entities processed 191.2 billion online payments in the three-month period through September, representing a total of 64 trillion yuan. Those figures are up 37% and 23% respectively from the same period last year.
Around 633 million people on the Chinese mainland used online payment services as of June, an increase of 33 million from December 2018, according to state news agency Xinhua, citing the China Internet Network Information Center. Mobile payment systems have taken China by storm in recent years, with platforms like WeChat Pay and Alipay replacing most day-to-day cash and card transactions.
Contact reporter Matthew Walsh (firstname.lastname@example.org)