Mobile payments in China has seen 212.86% growth in 2013, with the number of transactions increasing to 1.67 billion, compared to a year ago period, according to a payment system review released by the People’s Bank of China.
Volume rose by 317.56% to CNY9.64trn ($1.59trn), compared with the previous year, reported China Daily citing the report.
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The central bank’s report stated that the non-cash transactions, including debit and credit card payments, increased 21.92% to 50.16 billion and generated CNY607.56trn ($99.63trn).
In 2013, mobile payments underwent triple-digit growth with non-cash payment methods, such as debit card payment and online banking, showing double-digit growth.
The report is based on records within the banking systems and does not include transactions in the third-party mobile payment market.
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