A new report from the Chinese central bank on the domestic payments sector points to surging growth in mobile payments in 2018.
The “2018 Payments System Operations General Situation Report” (2018年支付体系运行总体情况) released by the People’s Bank of China (PBOC) on 18 March indicates that banking sector financial institutions processed 175.192 billion electronic payments operations in 2018, worth a total of 2539.7 trillion yuan.
This included 57.013 billion online payments operations worth a total of 2126.30 trillion yuan, for YoY growth of 17.36% and 2.47% respectively, as well as 60.531 billion mobile payments operations worth 277.39 trillion yuan, for YoY growth of 61.19% and 36.69% respectively.
AsPhone payments operations totalled 158 million worth approximately 7.68 trillion yuan, for YoY declines of 0.99% and 12.54% respectively.
The PBOC report further indicates that non-bank payments organisations were responsible for 530.61 billion online payments operations worth a total of 208.07 trillion yuan, for YoY growth of 85.05% and 45.23% respectively.
As of the end of last year a total of 424 commercial banks and 115 payments organisations were connected to the Netsunion Clearing Corporation platform, which processed 127.477 billion operations worth 57.91 trillion yuan. for a daily average of 352 million operations worth 158.648 billion yuan.