The number of mobile payments made in China have grown 10% year on year since 2013, according to the People’s Bank of China (PBoC). Its data shows that, during the second quarter of 2016, banks handled 32.32bn electronic payment transactions worth 570.95tn yuan (US$84.2tn), including 6.14bn mobile payment transactions worth 29.32tn yuan (US$900bn). Meanwhile non-bank payment institutions handled 37.71bn online payment transactions worth 23.35tn yuan (US$3.4tn), up 111% year on year.
- Calling all payment, card and secure credential technology suppliers
- US survey finds growing support for biometrics as a replacement for passwords and PINs
- Samsung and LG to launch low-end smartphones that support their mobile payment services
- Gemalto agrees to be acquired by Thales
- Rambus forecasts omnichannel tokenization and ‘merchant pay’ as key trends for 2018