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.
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