Mobile Payments Operations Rise 35.57% YoY in Q3 2020: Chinese Central Bank Report

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The latest payments sector report from the Chinese central bank points to a sizeable rise in bank processing of electronic payments in the third quarter of 2020.

Chinese banks processed 4.100057 trillion non-cash payments operations in the third quarter of 2020 for a YoY rise of 11.47%, according to the “2020 Q3 Payments System Operations General Report” (2020年第三季度支付体系运行总体情况) released by the People’s Bank of China (PBOC) on 27 November.

These payments were worth 1043.22 trillion yuan in total, for a YoY rise of 12.66%.

Chinese banks processed a total of 64.977 electronic payments operations in the third quarter worth 696.44 trillion yuan. This included 24.244 billion online payments operations, for a YoY rise of 12.56%, whose total worth was 551.6 trillion yuan, for a YoY rise of 11.29%.

Mobile payments operations totalled 34.495 billion, for a YoY rise of 26.48%, and were worth 116.74 trillion yuan, for a YoY rise of 35.57%.

As of the end of the third quarter a total of 8.798 billion bank cards had been issued in China, for an on-quarter rise of 1.62%. This included 8.033 billion debit cards, for an on-quarter rise of 1.66%, and 766 million combined credit and lending cards, for an on-quarter rise of 1.29%.

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