Mobile Payments Business of Chinese Banks Sees Strong Growth in Q1 2018

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The mobile payments operations of Chinese banking institutions posted vigorous growth in the first quarter of 2018.

Data from the People’s Bank of China indicates that Chinese banks processed 70.8 trillion yuan (approx. USD$11.1 trillion) in mobile payments transactions across the first quarter, for a year-on-year rise of 16.8%.

A total of 10.7 billion payments were performed via the mobile services of Chinese banks in the same period, for a YoY rise of 17.8%.

Bank card transactions posted a YoY rise of 12.6% during the period to hit 220.8 trillion yuan, with the number of bank cards in use rising by 4.8% to 7 billion by the end of March.

 

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