Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
China’s Mobile Payments Grew More Than 70% in Q4

By Ding Yi / Mar 18, 2020 01:00 PM / Economy

Photo: VCG

Photo: VCG

Digital payments continued to grow in China in the last quarter of 2019, while mobile payments grew even faster.

For the three months through December, the country’s banks processed 62.1 billion electronic payments, representing a total of 654.9 trillion yuan ($93.45 trillion), according to statistics released Tuesday by the People’s Bank of China (PBOC), the country’s central bank. The transaction value was up 6.3% from the same period of 2018.

Of those payments, 30.7 billion were mobile transactions, representing a year-on-year increase of 73.6%. A total of 94.9 trillion yuan changed hands via mobile devices, up 21.3% from the same period last year

Overall, 95.9 billion non-cash transactions were processed by the country’s banks during the period, representing 969.6 trillion yuan, the central bank said.

Meanwhile, non-bank entities processed 202.5 billion online transactions in the quarter, representing a total of 68.6 trillion yuan. Those figures jumped 28.3% and 21.1%, respectively, from a year ago.

The number of people using mobile payments in China is expected to reach 790 million in 2020, with facial recognition payments on track to be adopted more widely across the country, according to a report by iiMedia Research. The country’s two most widely used mobile payment services, Alipay and WeChat Pay, are currently both touting their respective payment machines that allow customers to make payments by simply scanning their faces.

Contact reporter Ding Yi (yiding@caixin.com)

Related: TransferWise and Alipay Team Up for International Money Transfers


Share this article
Open WeChat and scan the QR code