A new report on the development of China’s internet sector highlights surging growth in non-bank payments operations.
The “China Internet Development Report (2019)” (中国互联网发展报告(2019)) released by the Internet Society of China (中国互联网协会) on 11 July indicates that non-bank payment organisations processed a total of 530.61 billion online payment operations in 2018, for YoY growth of 85.05%.
The total payment sum was 20.807 trillion yuan, for a YoY increase of 45.23%.
The report further indicates that non-bank payment organisations processed a total of 289.802 billion online payment operations for Chinese rural village areas last year, for a YoY increase of 104.4%. The payment amount was 76.99 trillion yuan, for an increase of 71.11%.
Non-bank payment organisations processed a total of 274.883 billion mobile payment operations for rural village areas, for an increase of 112.25%.
The P2P online lending sector saw a total of 1.794801 trillion yuan in transactions in 2018, with an average annualised interest rate of 9.87%.
As of December 2018 China’s top 10 P2P lending platforms in terms of their lending balances were Lu Jinfu (陆金服) (with a lending balance of 145.423 billion yuan), Renren Dai (人人贷), CreditEase (宜信惠民), Iqianjin (爱钱进), PPDai (拍拍贷), Hongling Capital (红岭创投), Hengyirong (恒易融), Weidaiwang (微贷网), Xiaoying Wangjin (小赢网金) and Youliwang (有利网).