Official data from the Chinese central bank points to a more than 60% surge in mobile payments transactions in the third quarter of 2019.
Data just released by the People’s Bank of China (PBOC) indicates that in the third quarter Chinese banks processed a total of 89.76 billion non-cash payments transactions worth a total of 926.03 trillion yuan, for YoY gains of 54.8% and 0.06% respectively.
PBOC released the data in its “2019 Third Quarter Payments System Operations General Information Report” (2019年第三季度支付体系运行总体情况).
In the third quarter banks also processed a total of 59.464 billion electronic payments worth a total of 612.9 trillion yuan.
Of these mobile payments transactions totalled 27.274 billion and were worth 86.11 trillion yuan, for YoY increases of 61.05% and 31.52% respectively.
Non-bank payments organisations processed 191.187 billion online payments worth a total of 63.99 trillion yuan, for YoY gains of 37.01% and 23.04% respectively.