(Yicai Global) March 16 -- With the continued expansion of social capital transactions, China's payment service industry has grown steadily. Last year, the sector handled payments of almost 69 times total gross domestic product.
The industry logged payments tallying CNY5.1 quadrillion (USD740 trillion), an increase of 16.7 percent over the previous year. The total number of payment requests climbed 26.3 percent to over 59 billion, according to yesterday's data from the central bank.
The mobile payment business grew particularly quickly, last year, more than 25 billion mobile payment requests amounting to nearly CNY158 trillion were made, up 86 percent and 46 percent respectively.
Some 46 billion online payment requests, worth over CNY2 quadrillion, were made, up 27 percent and 3 percent respectively, while financial institutions managed almost 140 billion electronic payment requests worth nearly CNY2.5 quadrillion.
A total of more than 125 billion non-cash payment requests, amounting to nearly CNY3.7 quadrillion were made, up 33 percent and 7 percent respectively.