From October to December 2019, the country’s banks processed 62.1 billion electronic payments, representing a total of USD 93.45 trillion, according to statistics released by the country’s central bank. The transaction value was up 6.3% from the same period of 2018. Of those payments, 30.7 billion were mobile transactions, representing an increase of 73.6%.
Overall, 95.9 billion non-cash transactions were processed by the country’s banks during the period. Meanwhile, non-bank entities processed 202.5 billion online transactions in the quarter.
The number of people using mobile payments in China is expected to reach 790 million in 2020, with facial recognition payments on track to be adopted more widely across the country, according to Caixin.
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