PBOC Says Payment System Transactions Hit 71 Times GDP, Indicates Rocketing Mobile Use for Payments
Yicai Global
/SOURCE : Yicai
PBOC Says Payment System Transactions Hit 71 Times GDP, Indicates Rocketing Mobile Use for Payments

(Yicai Global) Dec 02 — The payment system processed 15.413 billion transactions in the third quarter this year, totaling CNY1,344.34 trillion (USD195.38 billion), 71 times the national GDP recorded for the same period, , the People's Bank of China (PBOC) announced.

The payment system operation data released by the China's central bank shows that among various types of non-cash payments, mobile payment businesses recorded particularly rapid growth. A total of 6.629 billion mobile payments were processed, up 45.97 percent year-on-year, amounting to CNY35.33 trillion, 94.45 percent annual, rise, indicating increasing use of mobile phones for payment transactions.

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