Chinese Central Bank Releases 2nd Quarter Payments System Report

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The People’s Bank of China (PBOC) has just released its second quarter report on the state of the Chinese payments system.

According to the “2020 Second Quarter Payments System Operations Overall Report” (2020年第二季度支付体系运行总体情况) a total of 11.866 billion bank accounts have been opened in China, for a rise of 3.05% compared to the preceding quarter, and growth acceleration of 1.62 percentage points.

This includes 71.808 million entity bank accounts and 11.75 billion personal bank accounts, for 8.42 bank accounts per capita.

Commercial bank non-cash payment transactions totalled 83.72 billion, for a YoY rise of 6.83%, for a sum of 1017.22 trillion yuan, and a YoY rise of 6.18%.

Non-bank payments organisations processed 203.508 billion online payments operations, for a YoY rise of 14.48%. These transactions were worth 70.22 trillion yuan, for a YoY rise of 18.37%.

A total of 8.658 billion bank cards have been issued in China, while the second quarter saw 81.457 billion bank card transactions worth 219.08 trillion yuan.

Commercial bank mobile payments operations totalled 30.141 billion, for a YoY rise of 26.99%, while they were worth 106.17 trillion yuan, for a YoY rise of 33.61%.

In the second quarter the Chinese payments system processed 171.641 billion payments transactions worth 2063.99 trillion yuan.

The payments system operations sum was 91.53 times GDP for the same period.

China’s High-Value Payment System processed 1500.15 trillion yuan in transactions in the second quarter, for a YoY rise of 20.47%, and a daily average processing sum of 24.2 trillion yuan.

The Bulk Electronic Payment System processed 37.17 trillion yuan in transactions, for a YoY rise of 204.22%, and a daily average processing sum of 408.425 billion yuan.

The Internet Banking Payment System processed 47.6 trillion yuan in transactions, for a YoY rise of 86.53%, and a daily average processing sum of 523.048 billion yuan.

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