Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Data

China's mobile payment volume tops 81 trln yuan

February 22, 2018


Abstract : China's mobile payments totaled 81 trillion yuan (about 12.77 trillion U.S. dollars) as of October 2017, the world's largest volume, official data showed.

BEIJING, Feb. 19 (Xinhua) -- China's mobile payments totaled 81 trillion yuan (about 12.77 trillion U.S. dollars) as of October 2017, the world's largest volume, official data showed.

The volume was much more than the whole of 2016, which stood at 58.8 trillion yuan, according to the Ministry of Industry and Information Technology.

The country's third-party mobile payment market has continued rapid expansion as cashless transactions have gained increasing popularity across the country.

The value of third-party e-payments in China has grown at an annual rate of more than 100 percent since 2015, offering consumers an alternative to bank payment channels at lower transaction costs, global rating agency Moody's said in a report earlier last year.

China is leapfrogging over credit card usage. Mobile payment has made it possible to order food, pay credit card bills, and manage stock accounts at anytime, anywhere, or buy a pancake at a roadside breakfast stall without having to carry a wallet.

Alibaba and Tencent are two major players promoting mobile payments in China. Products from the two internet giants maintain dominance in the industry.

According to figures released by China Internet Network Information Center, China had 724 million mobile phone users at the end of June 2017. More than 35 percent of them often make mobile payments while 31.8 percent still prefer using cash or credit cards. Enditem

Scan the QR code and push it to your mobile phone

Keyword: China payment mobile

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial