Industry News

Bank of China reveals online payments growth in country since 2013

People`s Bank of China (PBOC) has released updated figures in regards to electronic payments, including mobile payments, and found that online payments have been growing in China since 2013.

During the Q2 2016, banks handled 32.32 billion electronic payment transactions worth USD 86 trillion, including also 6.14 billion mobile payment transactions. The amount of mobile payments rose by 10% year-on-year, reports.

Also, in the Q2 2016, nonbank payment institutions handled 37.71 billion online payment transactions, up 111% year-on-year.

Major mobile payment systems include Alipay and WeChat Pay. Smartphone manufacturers also tapped into the growing market of contactless payment. Following the launch of Apple Pay in China in February 2016, Samsung Pay, Huawei Pay and Mi Pay joined the club.

China UnionPay encourages UnionPay cardholders to use its mobile payment service called QuickPass by offering discounts and other benefits at nearly 60,000 online and offline merchants until October 2016.

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