STOCK MARKET BSE NSE

Users opting mobile payments exceed 520 million in China

Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5 per cent from a year ago.

Published: 23rd November 2017 11:26 AM  |   Last Updated: 23rd November 2017 12:18 PM   |  A+A-

Image for representational purpose only.

By PTI

BEIJING: The number of China's mobile wallet users has exceeded 520 million with combined payments of over USD 6 trillion, Chinese e-commerce giant Alibaba's financial services affiliate said today.

According to the People's Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5 per cent from a year ago.

The combined value of mobile payments jumped 33.8 per cent to 39.2 trillion yuan (USD six trillion).

The growth came as user-friendly platforms such as WeChat Pay encourage online transactions.

In April, Ant Financial, Alibaba's financial affiliate which runs the popular Ali Pay -- China's leading third-party online payment solution, said that it planned to spend 6 billion yuan in two years to popularise its payment system.

According to a report jointly produced by Tencent, Renmin University of China and French market researchers Ipsos, 84 per cent of Chinese said they are "comfortable" going out with only their phones and no cash, state-run Xinhua news agency reported.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp