(31 May 2018 – China) Chinese lenders handled $11.1t in mobile payments in the first quarter, as the country accelerates its cashless push.
According to central bank data the volume of mobile payments handled by Chinese banks rose 16.8 percent year-on-year to a significant $11.1t in Q1.
The People’s Bank of China reported that around 10.7bn payment were made through the banks’ mobile services in the first quarter, representing an increase of 17.8 percent YoY.
The growth comes as China’s banks ramp up technology developments to keep up with the country’s mobile payment giants Alipay and WeChatPay who are setting their sights abroad.
The mobile payments sector continues to benefit from the younger tech-savvy population and continued improvements to the IT infrastructure.