Chinese Banking Sector’s Off-counter Rate Approaches 90% in 2019, Mobile banking Transactions Rise 39% YoY in Value

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A new report on the state of the Chinese banking sector released by its peak body points to the rising importance of off-counter transactions via the internet and mobile devices.

The China Banking Association released its “2019 China Banking Sector Services Report” (2019年中国银行业服务报告) on 11 March.

According to the report the Chinese banking sector’s off-counter transactions reached 323.643 billion in total in 2019, for a rise of 16.34% compared to 2018.

The off-counter transaction amount reached 2057.71 trillion yuan, for a YoY rise of 6.26%.

The full sector off-counter rate was 89.77% in 2019, for a rise of 1.1 percentage points compared to 2018.

Online banking saw a total of 163.784 billion transactions in 2019 that exceeded 1657.75 trillion yuan in value.

Mobile banking saw a total of 121.451 billion transactions with a total value of 335.63 trillion yuan, for an increase of 38.88% compared to 2018.

E-commerce platforms saw 83 million transactions that were worth 1.64 trillion yuan.

According to the report China’s banking sector is changing the model for its bricks-and-mortar outlets following the expanding share of online transactions, with an accelerated push for the development of “smart outlets.”

As of the end of 2019 China’s banking sector financial institutions had a total of 228,000 branches, as well as 1.0935 million ATM’s distributed throughout China.

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