China’s mobile payment turnover soared 317% YOY to $1.59 trillion in 2013: PBOC
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Photo Credit: Shutterstock

Photo Credit: Shutterstock

As a standalone economy, China’ mobile payments industry is growing at breakneck pace

Photo Credit: Shutterstock

Photo Credit: Shutterstock

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.

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