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China reports mobile payments surge in Q4 2019

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Via China Daily

A consumer scans an Alipay QR code to pay for the order at a self-service restaurant in Hangzhou, Zhejiang province. [Photo/Xinhua]

BEIJING — China’s mobile payments registered a robust growth in the fourth quarter of 2019, data from the central bank showed.

Banks in the country processed 30.73 billion mobile payment transactions in the period, up 73.56 percent year on year, said the People’s Bank of China in a report.

Value of these transactions increased by 21.34 percent from the same period of last year to 94.92 trillion yuan (about $13.36 trillion).

Meanwhile, online payment transactions by the non-banking institutions were valued at 529.73 trillion yuan in Q4, up 4.3 percent year on year.

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