As a standalone economy, China’ mobile payments industry is growing at breakneck pace
This post was written by Emma Lee and originally published on Technode
The turnover of Chinese mobile payment industry rocketed 317.56% year-over-year to 9.64 trillion yuan ($1.59 trillion) in 2013, while the number of orders hiked 212.86% year-on-year to 1.67 billion, according to the bank-level data released by Chinese central bank-People’s Bank of China.
Rapid YOY growth
E-payment business grew rapidly in 2013, recording 25.78 billion orders and a turnover of 1,075 trillion yuan, up 27.40% and 29.46% respectively from a year earlier. E-payment includes three categories of payment services of online payment, phone payment and mobile payment. In addition to mobile payment, the turnover of online payment business climbed 28.89% YOY to 1,061 trillion yuan and that for phone payment declined 8.92% YOY to 4.74 trillion yuan in the same period.
The report added that China recorded a turnover of 1,608 trillion yuan from 50.16 billion non-cash settlements last year, up 21.92% and 24.7%, respectively.
The total transaction volume by Chinese independent mobile payments services reached 1,219.74 billion yuan (roughly $200 billion) in 2013, a 707% year-over-year increase, according to the latest report by online tracking and data analysis service iResearch. iResearch’s data excludes services by banks and China UnionPay, the bankcard association, and includes peer-to-peer money transfers.