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Chinese banks posted robust growth in mobile payments in Q1 2018, according to the People’s Bank of China (PBOC). Banking institutions handled 70.8 trillion yuan (11.1 trillion US dollars) in mobile payments in the period, up 16.8% year on year, the central bank data showed. Around 10.7 billion payments were made through the banks’ mobile [...]

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Chinese mobile payment transactions reached a record 81 trillion yuan ($12.8 trillion) between January to October 2017, driven by huge number of consumers and merchants who have looked to more convenient cashless systems. The 10-month total surpassed the 58.8 trillion yuan in mobile payment transactions on the mainland during the whole of 2016, according to the [...]

The post China hits in record $12.8 trillion in mobile payments transactions appeared first on Payments Cards & Mobile.

China’s central bank and regulator has mandated online and mobile payment groups to operate through a centralised clearing house, a move likely to undercut the dominance of Ant Financial and Tencent by forcing them to share valuable transaction data with competitors. China is the world leader in mobile payments, with transaction volumes rising nearly five-fold [...]

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