China: m-banking reached USD 1.6 trillion in 2013 - report

Friday 30 May 2014 09:14 CET | News

Chinese banks dealt with 1.67 billion payment applications through smartphones worth CNY 9.64 trillion (about USD 1.6 trillion) in 2013, compared with 3.78 billion transactions valuing CNY 1.19 trillion for third party payment institutions, recent findings indicate.

According to the Payment & Clearing Association of China (PCAC), via the Internet, the dominance of banks was more obvious, with CNY 1,061 trillion in 23.7 billion transactions.

Third-party payment firms dealt with 15 billion online transactions worth CNY 8.96 trillion.

Data from the PCAC revealed that China had granted licenses to 90 non-bank institutions to carry out online payment business by the end of last year, while allowing 37 non-banks to take mobile payment business.

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Keywords: China, m-banking, report, mobile banking, mobile payment
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce