China Host to 350 Million Active Mobile Banking Users

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A new report points to robust growth in the number of mobile and digital banking users in China in 2020.

As of the end of the third quarter China was host to approximately 350 million active mobile banking users, for an on-quarter increase of 6.1%, according to figures from the “2020 China Electronic Banking Survey Report” (2020中国电子银行调查报告) released by the China Financial Certification Authority (CFCA).

As of the end of 2019 the number of users in Chinese rural areas who had opened mobile banking accounts was 820 million, for a YoY increase of 21.9%, while the number who had opened online banking accounts totalled 710 million, for a YoY rise of 16.4%.

The penetration rate for personal WeChat banking services has risen to 45% according to CFCA figures.