Mobile payments increased by 17.8 percent in China

June 2018
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Chinese banks have posted robust growth in mobile payments in the first quarter of 2017, according to the People\'s Bank of China (PBC), the central bank.

Banking institutions handled 70.8 trillion yuan (USD 11.1 trillion) in mobile payments in the period, up 16.8% year-on-year, data from the central bank showed.

Around 10.7 billion payments were made through the banks' mobile services in the first quarter, an increase of 17.8% year-on-year.

China's mobile payment sector has seen rapid development, driven by improved internet infrastructure, increased use of mobile phones and innovation in financial services.

In the first quarter, bank card transactions in China rose 12.6% from 2017, while the number of bank cards in use went up 4.8% to 7 billion by the end of March 2018, according to the PBC.