The People's Bank of China (PBOC), China's central bank, recently released its report on China's payment development, showing that mobile payment transactions have exceeded 16.9 billion, an increase of 74 percent when compared with the figure a year earlier.
The report said the country has processed 57.9 billion non-cash transactions, up 33.31 percent year over year with a turnover of 925.46 trillion yuan (133.33 trillion U.S. dollars) in the third quarter, up by 0.18 percent year over year.
Electronic payments saw a rapid growth in the last quarter, with a total number of 45.236 billion transactions and a turnover of 592.43 trillion yuan (85.4 trillion U.S. dollars).
Among all electronic payments, online banking payments reached a total of 14.893 billion transactions, up by 23.21 percent year on year with a turnover of 495.24 trillion yuan (71.4 trillion U.S. dollars), up by 12.58 percent year on year. And mobile payments of 16.935 billion transactions were made, up by 74.1 percent, with a turnover of 65.48 trillion yuan (9.44 trillion U.S. dollars), up by 32.91 percent year on year.
Payments made through phone calls decreased by 9.9 percent in the number of transactions to end at 37 million, with a drop by 15.58 percent in turnover to stand at 1.82 trillion yuan (0.26 trillion U.S. dollars).