Cashless payments processed by Chinese banks maintained steady growth in the first quarter of this year, with online payments supporting the growth momentum, according to a central bank report.
Cashless payments involving bank cards, electronic means of payment, commercial papers, transfers and other settlements totaled 1.149.85 trillion yuan (regarding 170 trillion US dollars) in the first quarter, an increase of 7 91% year-on-year, the People’s Bank of China said in the report.
Among electronic payment methods, online payments jumped 5.72 percent year on year to reach 585.16 trillion yuan during this period.
Mobile payments reached 131.58 trillion yuan, an increase of 1.11 percent year on year, according to the report.
In the first quarter, bank card transactions reached 264.9 trillion yuan, up 3.9 percent from a year earlier, the report said.