Mobile payments increases in popularity in rural China

May 2018
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Mobile payment has become more popular in China`s rural areas, according to a report by People`s Bank of China (PBOC).

Transactions through non-banking mobile payment services totaled CNH 42.9 trillion (USD 6.77 trillion) in rural areas in 2017, the report stated.

Meanwhile, mobile banking business also boomed, with nearly 10 billion payments worth CNH 38.89 trillion made via mobile banking services, up nearly 80% and 66%, respectively. In contrast, other online payment services stayed flat, while telephone payment services decreased.

In addition, almost half of offline deals in rural areas were completed via mobile payment services, according to a document of the Ministry of Agriculture and Rural Affairs.

Analysts believe rural areas have become a promising market for the digital economy, in which online payment has played a significant part with rising third-party platforms such as Alibaba's Alipay and Tencent's Wechat Pay.